Date: 31 October 2001
Declining raw material and energy costs along with excellent progress on Solutia's $100 million cost savings program have brought some relief to earnings, but these benefits have been more than offset by ongoing weakness in demand throughout global marketplaces. In addition, a stronger U.S. dollar and unfavorable manufacturing volume variances continue to impact the profitability of our businesses.
"While we are operating in very uncertain times, we remain committed to prudently managing our costs and positioning our businesses to take advantage of a future global economic recovery. Solutia has tightly focused its growth and capital spending on those opportunities that can deliver the most immediate return to our shareholders," said John Hunter, chairman and chief executive officer....see more additional information on the surce link below.
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