Ahlstrom reported second quarter 2016 net sales of €279.4 million ($312.7 million) compared to €281.1 million ($314.6 million) in the second quarter of 2015. At constant currency rates, growth was 2.8%. Operating profit was €23.3 million ($26 million), up from €15.7 million ($17.5 million) during the same period last year. Adjusted operating profit of €24.5 million ($27.4 million) represented 8.8% of net sales, and the 11th consecutive quarter of year-on-year improvement.

Marco Levi, president & CEO, says: “April-June 2016 was a very strong quarter, where we delivered sales growth of 2.8% at constant currency rates and were able to raise our profitability to an all-time high level in the current structure of the company. Albeit we continued to benefit from lower variable costs, we now have a much improved operational efficiency and a more competitive cost structure. In addition, our cash flow generation was very good in the quarter, driven by higher profitability and active management of working capital.”

He adds, “Sales growth at constant currency rates was also very encouraging in the quarter and most of our business units increased their profits. In the Filtration & Performance segment, the Filtration as well as Wallcover & Poster units delivered either higher sales or margins despite challenging market conditions with the Industrial Nonwovens unit continuing to make steady progress. In the Specialties segment, all four business units – Food, Advanced Liquid Technologies, Tape, and Medical – improved their profitability.”

On July 27, 2016, Ahlstrom and Owens Corning announced the termination of the agreement regarding the planned divestiture of Ahlstrom’s Building & Wind business unit to Owens Corning following challenges associated with obtaining regulatory clearance in Germany for the transaction. Ahlstrom will continue to operate and develop the Building & Wind business unit as before and it will be reported as part of the Filtration & Performance segment. The divestment was announced on January 21, 2016. The German competition authority opened a second-phase investigation into the planned transaction on April 8, 2016.