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Material Sciences looks overseas; Coated-metal maker wants to ease reliance on domestic automakers.(News)(contracts of Nissan Maxima, Toyota Motor Corp. and Honda Motor Co.)(Financial report)
Crain's Chicago Business, July, 2007
Byline: H. LEE MURPHY Both the auto and homebuilding industries have been in retreat this year, delivering a double whammy to Material Sciences Corp. A maker of coated metals, Elk Grove Village-based Material Sciences gets close to two-thirds of its sales from the Big Three automakers in Detroit.
The company calculates that another 20% of sales stems from new-home construction products ranging from steel supports for roofs to entry and garage doors. Considering that U.S. home construction is down more than 30% in many places this year and auto sales are down nearly 10%, CEO Clifford D. Nastas contends the company is lucky to have turned a profit. In the fiscal year ended Feb. 28, revenue declined 8% to $262.6 million. Earnings sank 18% to $6.1 million, or...
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