Although the polyester industry and U.S. agriculture markets remain weak, most of our other businesses began to see some volume improvement.
Business conditions in the first half have been some of the most difficult that we have experienced in recent years.
Accelerating the growth in life sciences is key to our strategy to becoming a faster-growing, more profitable, less cyclical company.
We expect the challenges we faced in the second quarter to continue, exacerbated by slowing volumes from the growing effects of the General Motors strike and the Asian financial crisis.
A company can operate successfully for 200 years only by continually reinventing itself.
Ultimately, it will be higher prices for the consumer.
Given the success of our discussions to date, we expect to be able to conclude one or more of these alliances by the end of this year.
We knew it would be a difficult operating environment in the first quarter, and I am very encouraged by the better than expected performance of our company. I am especially pleased with how our people delivered these results. We are fully committed to growing revenue, controlling costs and improving return on assets across all of our businesses.
We will continue to drive for at least 10 to 12 percent annual earnings growth.
The pervasive impact of e-commerce dominates the discussion.
Our view of the global economy suggests several more quarters of low volume growth and continued price pressure, ... Lower raw material costs and more favorable currency comparison. combined with results from our productivity focus should all contribute to our ability to weather this cycle more favorably than in the past.
This transformation plan is designed not only to improve the short-term health of these businesses, but also to ensure a future of sustainable, profitable growth.
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