Minerals Technologies Inc (MTI) of New York, NY has reported a fourth quarter 2021 net income of US$41.1 million on sales revenue of US$476.9 million versus a net income of US$31.1 million on sales revenue of US$431.8 million in the fourth quarter of 2020. For all of 2021, the company generated a net income of US$164.4 million on net sales of US$1.86 billion versus a net income of US$112.4 million on net sales of US$1.59 billion in 2020.
Douglas T Dietrich, MTI’s CEO, said, “The global MTI team performed very well on all fronts in 2021 and overcame significant external challenges to deliver record sales and earnings for the full year. We significantly advanced our key growth initiatives, strengthened our consumer-oriented portfolio with the acquisition of Normerica, and made substantial progress against our sustainability goals.”
“This progress has transformed the company’s ability to generate more balanced and stable growth. While we faced significant logistics and inflationary challenges, the actions we have taken and have in place, along with robust demand across our product lines, set us up for a year of strong profitable growth in 2022.”
MTI’s Performance Materials segment sales increased 18% in 2021 to US$976.0 million. Household, Personal Care & Specialty Products sales increased 21% . The acquisition of Normerica contributed 13% growth versus the prior year and organic sales contributed and additional 8%, as demand for consumer-oriented products remained strong.
Metalcasting sales increased 24% to US$319.2 million on the strength across a diverse set of foundry customer end markets and continued penetration in Asia. Environmental Products and Building Materials sales grew 4% and 7%, respectively, on higher levels of project activity.
MTI’s Specialty Minerals segment, which includes the precipitated calcium carbonate (pcc) and processed minerals product lines, reported fourth quarter 2021 worldwide sales that were up 2% at US$141.5 million.The segment’s worldwide sales of pcc for the fourth quarter rose 2% to US$104.8 million. Paper PCC sales were 2% higher at US$84.9 million. Specialty pcc products sales increased 2%, to US$20.0 million. For all of 2021, the segment’s sales of pcc products were US$426.8 million up from US$377.7 million in 2020.
Fourth quarter sales of Processed Minerals were 2% higher at US$36.7 million. The increase reflects a 3% increase in ground calcium carbonate (gcc) sales to US$23.6 million while talc sales were flat at US$13.1 million. In 2021, talc sales were US$54.0 million, up from US$43.9 million in 2020. And gcc sales were US$98.1 million, up from US$89.3 million in the prior year.
MTI’s Refractories and Energy Services segment generated a record operating income in 2021 of US$49.3 million on sales 18% higher at US$303.4 million.
Volume 36, Issue 05