During 2015 MATHESON experienced a downturn in our industrial business largely due to slowing growth in China, the related strengthening of the dollar, and its negative impact on exports.
The decline was accelerated by the rapid decrease in the price of oil and its impact on fabrication related to drilling operations and oilfield nitrogen services businesses. MATHESON is projecting continued sluggish growth in 2016, as there are no indications of near term improvement in many of the industrial gas end-user industries.
In 2016, MATHESON will investigate how to leverage our existing technologies (such as purification and abatement) and some new technologies that have been largely electronics applications but may complement industrial applications. We will also look to redirect some of our electronics R&D resources to focus on industrial applications development.
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