Minerals Technologies (MTI) recently announced its third quarter financial results. The company’s net sales increased 114 percent to USD 543.5 million compared to USD 254.2 million reported in third quarter of 2013.
Joseph Muscari, Chief Executive Officer, MTI, said, "The company achieved record third quarter financial results with all five business segments contributing double digit operating income margins."
MTI’s income from operations, excluding special items, was USD 76.8 million, a 135 percent increase over the third quarter of 2013
Net sales of precipitated calcium carbonate (PCC), primarily used in the manufacturing processes of the paper industry, dipped 4 percent to USD 129.9 million. Also, the paper PCC sales dipped 5 percent to USD 113.4 million primarily as a result of paper capacity grade realignments in North America.
"During the quarter, the company announced an agreement with Sun Paper, the largest privately owned paper company in China, to deploy its NewYield(TM) Integrated Process Technology at Sun's pulp and paper operations in Shandong Province,” said Muscari.
He added, “Also, in the third quarter, MTI signed another commercial agreement with a North American paper company to provide FulFill E-325 at a paper mill that produces wood-free paper. This is the company's fifth such agreement in North America and the seventeenth overall. We continue to be actively engaged with 20 other paper mills around the world to deploy the technology."
