The Q2 2008 sales included $77.0 million from OM Group's newly acquired coatings and electronic technologies businesses (Electrochemicals). Excluding these acquisitions, revenue grew 88% due to higher product selling prices, increased cobalt metal resale volume, and organic volume growth in key end markets including battery and powder metallurgy.
 

Sales from the Specialty Chemicals segment were $152.5 million in the second quarter of 2008 compared with $78.0 million in the same quarter last year. Net sales for the segment increased to $301.6 million in the first half of 2008 from $144.7 million in the comparable 2007 period. Acquisitions and increased product selling prices were the main factors leading to the sales improvement. Operating profit was $20.8 million in the first six months of 2008 compared with $15.0 million in the same period in 2007.

According to the company, it has financial flexibility due to an unleveraged balance sheet and an improved cash flows from its operations. "This flexibility allows us to consider and evaluate a wide range of options to create long-term value for our shareholders, including strategic and transformational acquisitions and partnerships," said Joseph M. Scaminace, chairman and chief executive officer of OM Group. "We are well positioned to deliver on our promise of transforming OM Group into a leading specialty chemical company."

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