By Patrick Raleigh, UT On-line/news editorCleveland, Ohio- Noveon Inc.’s Specialty Materials unit reported a 21-percent rise in first quarter sales to $126.2 million helped by double-digit growth for its thermoplastic polyurethanes (TPU) business. The unit also produces, chlorinated PVC, crosslinked polyethylene, polymer additives and static control materials.Specialty Materials’ first quarter earnings (EBITDA), meanwhile, rose 13 percent to $32.3 million. Noveon linked the gains to higher volumes, partially offset by higher raw material and utility costs and additional growth resources.TPU sales benefited from “strong North American demand associated with a pick-up in economic activity, continued growth in Asia and the impact from new products including TPU for spandex fibres,” said Noveon.Noveon’s sales were also enhanced by the group’s fourth quarter 2003 acquisition of Thermedics Polymer-a US manufacturer of aliphatic TPUs-and by the stronger euro, added a 13 April group statement.”
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