While the company saw a decline in revenue over sales generated in the same quarter of the previous year, the gross profit margin of 15.3%, was similar to Q1/2023.
The new report from Allied Market Research shows that economic growth, urbanization, and increasing construction activities continue to drive demand in flooring, furniture, doors, windows, and other architectural woodwork.
"We are excited to fully bring Momentive into the broader KCC Corporation and anticipate a positive impact with the ownership change as we shift from a private equity mindset to a more strategic and long-term approach," said Momentive President and CEO Sam Conzone, Ph.D.
Although the company saw a decline in sales over the previous year, it maintains that this was mainly driven by considerably reduced prices as a result of lower raw materials and energy prices in almost all segments, as well as lower precious metal prices.
This year's winners have demonstrated various benefits, including energy savings, carbon emission reductions, minimized water usage, and a significant decrease in VOC and hazardous air pollutant emissions.
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