Prior year adjusted operating income excluded $0.7 million for restructuring and acquisition costs mostly related to Technical Products. Income growth in 2015 resulted from a higher value mix, improved selling prices and lower input costs that more than offset increased SG&A and negative impacts of currency translation and higher manufacturing costs.
"Our businesses performed well in the quarter, delivering record earnings and cash flows. In Technical Products, impressive organic growth was boosted by last year's filtration acquisition, and Fine Paper and Packaging continues to deliver very attractive financial returns," said John O'Donnell, CEO. "It's a testament to the strength of our teams that they can deliver these record results while at the same time completing a thorough diligence and successful execution of the FiberMark acquisition.
We are now focused on integration and excited by the capabilities FiberMark brings to accelerate growth in premium packaging and performance materials. Our balance sheet remains strong, providing future flexibility and the ability to optimize capital deployment among high-returning organic investments, value-adding acquisitions and increasing cash returns to shareholders."
Neenah is a leading global specialty materials company, focused on premium niche markets that value performance and image. Key products and markets include advanced filtration media, specialized substrates used for tapes, labels and other products, and premium printing and packaging papers.
