Grupo Simec Announces Preliminary (Unaudited) Results of Operations for the Year Ended December 31, 2008

GUADALAJARA, Mexico, Feb. 27 /PRNewswire-FirstCall/ -- Grupo Simec, S.A.B. de C.V. (AMEX: SIM) ("Simec") announced today its preliminary (unaudited) results of operations for the year ended December 31, 2008.

Acquisition of Corporacion Aceros DM, S.A. de C.V.

On February 21, 2008, we entered into an agreement to acquire 100% of the shares of Corporacion Aceros DM, S.A. de C.V. and certain of its affiliates ("Grupo San"), and on May 30, 2008 said acquisition was consummated. Grupo San is a long products steel mini-mill and the second-largest corrugated rebar producer in Mexico. Grupo San's operations are based in San Luis Potosi, Mexico. Its plants and 1,450 employees produce 600 thousand tons of finished products annually.

With this acquisition, Simec and Industrias CH, S.A.B. de C.V. ("ICH") position themselves as the second-largest producer of rebar and the largest steel producer in Mexico, with a production capacity of approximately 4.5 million tons of liquid steel and 3.8 million tons of finished products.

With this strategic acquisition, Simec and ICH will achieve a more diversified product mix, with 40% of sales in Mexico and 60% outside Mexico, both of which will allow them to better address the natural cycles of the steel industry on the domestic and global levels. Additionally, Simec has already identified significant synergies and economies of scale that will increase the company's operating margins. Grupo San's central location in San Luis Potosi, where Simec is not currently present, also represents a strong competitive advantage since it provides several strategic benefits mainly related to distribution, given its proximity to Mexico's main cities, sea ports, and borders.

In addition, Grupo San has aggressive expansion plans in its rebar business, which ICH and Simec will support and promote to satisfy the growing demand for this product, resulting from the Mexican government's aggressive infrastructure plan.

The financial statements of Simec include the operations of Grupo San since June 1, 2008.

Pursuant to Mexican Financial Reporting Standards "Bulletin B-7 Acquisitions of Business," Simec is in the process of calculating the goodwill and other intangible assets in the acquisition of Grupo San; as of December 31, 2008, Simec registered the adjustment of the intangible assets and we are in the process of determining the adjustment of the fixed assets.

Year Ended December 31, 2008 compared to Year Ended December 31, 2007

Net Sales

Net sales increased 46% to Ps. 35,187 million in 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 2,666 million) compared to Ps. 24,106 million in 2007. Shipments of finished steel products increased 9% to 2 million 924 thousand tons in 2008 (including the net sales generated by the newly acquired plants of Grupo San of 261 thousand tons) compared to 2 million 693 thousand tons in 2007. Total sales outside of Mexico in 2008 increased 44% to Ps. 24,472 million (including the net sales generated by the newly acquired plants of Grupo San of Ps. 98 million) compared with Ps. 17,031 million in 2007, while total Mexican sales increased 51% from Ps. 7,075 million in 2007 to Ps. 10,715 million in 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 2,496 million). The increase in sales can be explained due to higher shipments during 2008, compared with 2007 (231,000 tons increase) and 34% increase in the average price of steel products.

Direct Cost of Sales

Direct cost of sales increased 44% from Ps. 20,499 million in 2007 to Ps. 29,585 million in 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 1,340 million). Direct cost of sales as a percentage of net sales represented 84% in 2008 compared to 85% in 2007. The increase in the direct cost of sales is attributable mainly to an increase of 33% in the average cost of raw materials used to produce steel products in 2008 versus 2007, primarily as a result of increases in the price of scrap and certain other raw materials, as well as a 9% increase in shipments.

Gross Profit

Gross profit in 2008 was Ps. 5,602 million (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 1,326 million) compared to Ps. 3,607 million in 2007. Gross profit as a percentage of net sales in 2008 was 16% compared to 15% in 2007. This increase in gross profit was principally due to an increase of 9% in sales volume.

Operating Expenses

Operating expenses increased 69% to Ps. 2,407 million in 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 605 million and the amortization of the intangible assets of Ps. 241 million registered by the acquisition of Grupo San) compared to Ps. 1,423 million in 2007 and represented 7% of net sales in 2008 and 6% of net sales in 2007.

Operating Profit

Operating profit increased 46% to Ps. 3,195 million in 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 721 million) compared to Ps. 2,184 million in 2007. Operating profit as a percentage of net sales was 9% in 2008 compared to 9% in 2007. The increase in the operating profit was due principally to an increase of 9% in sales volume and an increase of 34% in the average price of steel products.

Comprehensive Financial Cost

Comprehensive financial cost in 2008 represented an expense of Ps. 126 million compared with a gain of Ps. 41 million in 2007. Net interest income was Ps. 77 million in 2008 compared with net interest income of Ps. 274 million in 2007, reflecting the use of cash and debt for the acquisition of Grupo San. At the same time, we registered an exchange loss of Ps. 203 million in 2008 compared with an exchange loss of Ps. 38 million in 2007, reflecting a 25% increase in the value of the dollar versus the peso as of December 31, 2008 compared to December 31, 2007.

Other Expenses (Income) net

The company recorded other income net of Ps. 38 million in 2008 compared to other income net of Ps. 21 million in 2007.

Income Taxes

Income Taxes recorded Ps. 978 million in 2008 (including Ps. 28 million of deferred income taxes) compared to Ps. 621 million in 2007 (including Ps. 509 million of deferred income taxes).

Net Profit

As a result of the foregoing, net profit increased by 31% to Ps. 2,219 million in 2008 from Ps. 1,625 million in 2007.

Liquidity and Capital Resources

As of December 31, 2008, Simec's total consolidated debt consisted of U.S. $952,000; U.S. $650,000 is a credit bank and U.S. $302,000 is from 8 7/8% medium-term notes ("MTN's") due 1998 (accrued interest on December 31, 2008 was U.S. $387,882). As of December 31, 2007, Simec's total consolidated debt consisted of U.S. $302,000 from 8 7/8% medium-term notes ("MTN's") due 1998 (accrued interest on December 31, 2007 was U.S. $363,703).

Net resources provided by operations were Ps. 1,487 million in 2008 versus Ps. 2,384 million of net resources provided by operations in 2007. Net resources provided by financing activities were Ps. 1,173 million in 2008 (which amount includes the capital increase of Ps. 1,169 million in July 2008) versus Ps. 2,292 million of net resources provided by financing activities in 2007 (which amount includes the capital increase of Ps. 2,421 million in February 2007). Net resources used in investing activities (to acquire property, plant and equipment, other non-current assets and liabilities) were Ps. 8,512 million in 2008 (which amount includes Ps. 8,440 million used in the acquisition of Grupo San) versus net resources used in investing activities (to acquire property, plant and equipment and other non-current assets and liabilities) of Ps. 484 million in 2007.

Comparative Fourth Quarter 2008 vs. Third Quarter 2008

Net Sales

Net sales decreased 28% from Ps. 10,533 million for the third quarter 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 1,073 million) to Ps. 7,620 million for the fourth quarter 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 1,080 million). Sales in tons of finished steel decreased 29% to 567 thousand tons in the fourth quarter 2008 compared with 795 thousand tons in the third quarter 2008. The total sales outside of Mexico for the fourth quarter 2008 decreased 32% to Ps. 4,983 million compared with Ps. 7,317 million for the third quarter 2008. Total Mexican sales decreased 18% to Ps. 2,637 million in the fourth quarter 2008 from Ps. 3,216 million in the third quarter 2008. Prices of finished products sold in the fourth quarter 2008 increased approximately 1% compared to the third quarter 2008.

Direct Cost of Sales

Direct cost of sales decreased 18% from Ps. 8,726 million in the third quarter 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 663 million) to Ps. 7,116 million for the fourth quarter 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 369 million). With respect to sales, in the fourth quarter 2008, the direct cost of sales represents 93% compared to 83% for the third quarter 2008. The average cost of raw materials used to produce steel products increased 14% in the fourth quarter 2008 versus the third quarter 2008, primarily as a result of increases in the price of scrap and certain other raw materials.

Gross Profit

Gross profit for the fourth quarter 2008 decreased 72% to Ps. 504 million (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 710 million) compared to Ps. 1,807 million in the third quarter 2008 (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 410 million). The gross profit as a percentage of net sales for the fourth quarter 2008 was 7% compared with 17% for the third quarter 2008. The decrease in gross profit was principally due to the increases in the price of scrap and certain other raw materials and the decrease in tons shipped.

Operating Expenses

Operating expenses increased 86% to Ps. 1,050 million in the fourth quarter 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 403 million and the amortization of Ps. 241 of the intangible assets determined in the acquisition of Grupo San) compared to Ps. 564 million for the third quarter 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 149 million). Operating expenses as a percentage of net sales represented 14% during the fourth quarter 2008 compared to 5% in the third quarter 2008.

Operating Profit

Operating profit was Ps. 1,243 million in the third quarter 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 261 million) compared to an operating loss of Ps. 546 million for the fourth quarter 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 307 million). The operating loss as a percentage of net sales in the fourth quarter 2008 was 7% compared to 12% of operating profit in the third quarter 2008. The operating loss was principally due to the decrease in tons shipped and the increases in the price of scrap and certain other raw materials.

Comprehensive Financial Cost

Comprehensive financial cost for the fourth quarter 2008 represented an income of Ps. 108 million compared with Ps. 25 million of income for the third quarter 2008. Net interest expense was Ps. 4 million in the fourth quarter 2008 compared with Ps. 11 million of net interest income in the third quarter 2008. At the same time, we registered an exchange gain of Ps. 112 million in the fourth quarter 2008 compared with an exchange gain of Ps. 36 million in the third quarter 2008.

Other Expenses (Income) net

The company recorded other expenses net of Ps. 98 million in the fourth quarter 2008 compared with other income net of Ps. 49 million for the third quarter 2008.

Income Taxes

Income taxes for the fourth quarter 2008 was an income of Ps. 314 million compared to Ps. 483 million of expense for the third quarter 2008.

Net Profit

As a result of the foregoing, net profit was Ps. 834 million in the third quarter 2008 compared to Ps. 222 million of net loss in the fourth quarter 2008.

Comparative Fourth Quarter 2008 vs. Fourth Quarter 2007

Net Sales

Net sales increased 31% from Ps. 5,824 million for the fourth quarter 2007 compared with Ps. 7,620 million for the same period in 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 1,080 million). Sales in tons of finished steel decreased 16% to 567 thousand tons in the fourth quarter 2008 compared with 675 thousand tons in the same period 2007. The total sales outside of Mexico for the fourth quarter 2008 increased 17% to Ps. 4,983 million compared with Ps. 4,264 million for the same period 2007. Total Mexican sales increased 69% to Ps. 2,637 million in the fourth quarter 2008 from Ps. 1,560 millions in the same period 2007. Prices of finished products sold in the fourth quarter 2008 increased approximately by 56% compared to the fourth quarter 2007.

Direct Cost of Sales

Direct cost of sales increased 31% from Ps. 5,436 million in the fourth quarter 2007 to Ps. 7,116 million for the same period 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 369 million). With respect to sales, in the fourth quarter 2008, the direct cost of sales represents 93% compared to 93% for the same period 2007. The average cost of raw materials used to produce steel products increased 56% in the fourth quarter 2008 versus the fourth quarter 2007, primarily as a result of increases in the price of scrap and certain other raw materials.

Gross Profit

Gross profit for the fourth quarter 2008 increased 30% to Ps. 504 million (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 710 million) compared to Ps. 388 million in the same period 2007. The gross profit as a percentage of net sales for the fourth quarter 2008 was 7% compared with 7% for the same period 2007. The increase in gross profit was principally due to the increase in tons shipped.

Operating Expenses

Operating expenses increased 198% to Ps. 1,050 million in the fourth quarter 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 403 million and the amortization of Ps. 241 of the intangible assets determined in the acquisition of Grupo San) compared to Ps. 352 million for the same period 2007. Operating expenses as a percentage of net sales represented 14% during the fourth quarter 2008 compared to 6% of the same period 2007.

Operating Profit

Operating profit was Ps. 36 million in the fourth quarter 2007 compared to Ps. 546 million of loss for the same period 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 307 million). The operating loss as a percentage of net sales in the fourth quarter 2008 was 7% compared to 1% of operating profit in the same period 2007.

Comprehensive Financial Cost

Comprehensive financial cost for the fourth quarter 2008 represented a gain of Ps. 108 million compared with an expense of Ps. 168 million for the fourth quarter 2007. Net interest expense was Ps. 4 million in the fourth quarter 2008 compared with Ps. 55 million of net interest income in the fourth quarter 2007. At the same time, we registered an exchange gain of Ps. 112 million in the fourth quarter 2008 compared with an exchange loss of Ps. 36 million in the fourth quarter 2007.

Other Expenses (Income) net

The company recorded other expenses net of Ps. 98 million for the fourth quarter 2008 compared with other expenses net of Ps. 24 million for the same period 2007.

Income Taxes

Income taxes for the fourth quarter 2008 decreased to Ps. 314 million compared to a decrease of Ps. 120 million for the same period 2007.

Net Profit

    As a result of the foregoing, net loss was Ps. 222 million in the fourth
quarter 2008 compared to Ps. 36 million of net loss in the fourth quarter
2007.


    Millions of pesos    Twelve months ended   Twelve months ended   2008 vs.
                         December 31, 2008     December 31, 2007      2007

    Sales                      35,187                24,106            46%
    Cost of Sales              29,585                20,499            44%
    Gross Profit                5,602                 3,607            55%
    Operating Expenses          2,407                 1,423            69%
    Operating Profit            3,195                 2,184            46%
    EBITDA                      4,053                 2,733            48%
    Net Profit                  2,129                 1,625            31%
    Sales Outside Mexico       24,472                17,031            44%
    Sales in Mexico            10,715                 7,075            51%
    Total Sales (tons)          2,924                 2,693             9%



    Millions of pesos      4Q08    3Q08    4Q07    4Q08      4Q08
                                                    vs.       vs.
                                                   3Q08      4Q07

    Sales                 7,620  10,533   5,824    (28%)      31%
    Cost of Sales         7,116   8,726   5,436    (18%)      31%
    Gross Profit            504   1,807     388    (72%)      30%
    Operating Expenses    1,050     564     352     86%      198%
    Operating Profit       (546)  1,243      36   (144%)  (1,617%)
    EBITDA                 (118)  1,407     206   (108%)    (157%)
    Net Profit             (222)    834     (36)  (127%)     517%
    Sales Outside Mexico  4,983   7,317   4,264    (32%)      17%
    Sales in Mexico       2,637   3,216   1,560    (18%)      69%
    Total Sales (tons)      567     795     675    (29%)     (16%)



    Product             Thousands of    Millions of     Average price
                        tons twelve     pesos twelve       per ton
                        months ended    months ended    twelve months
                        December 31,    December 31,   ended December 31,
                           2008            2008              2008

    SBQ                    2,034           26,165           12,864
    Light Structural         172            1,787           10,391
    Structural               183            1,979           10,815
    Rebar                    467            4,408            9,439
    Others                    68              847                0
    Total                  2,924           35,187           12,034


    Product             Thousands of    Millions of     Average price
                        tons twelve     pesos twelve      per ton
                        months ended    months ended    twelve months
                        December 31,    December 31,   ended December 31,
                            2007           2007              2007

    SBQ                   1,946           18,419            9,465
    Light Structural        276            2,162            7,834
    Structural              216            1,752            8,112
    Rebar                   250            1,703       6,810
    Others                    5               70                0
    Total                 2,693           24,106            8,951



    Product             Thousands   Millions of   Average price
                         of tons      pesos         per ton
                          4Q08        4Q08           4Q08

    SBQ                    335        5,435         16,224
    Light Structural        30          339         11,302
    Structural              33          371         11,243
    Rebar                  146        1,210          8,287
    Others                  23          265              0
    Total                  567        7,620         13,439


    Product             Thousands   Millions of   Average price
                         of tons      pesos         per ton
                           3Q08       3Q08            3Q08

    SBQ                    555        7,858          14,159
    Light Structural        41          482          11,756
    Structural              40          488          12,200
    Rebar                  127        1,324          10,425
    Others                  32          381               0
    Total                  795       10,533          13,249


    Product             Thousands   Millions of    Average price
                         of tons      pesos          per ton
                           4Q07       4Q07             4Q07

    SBQ                    497        4,524           9,102
    Light Structural        59          457           7,754
    Structural              45          357           7,930
    Rebar                   70          456           6,510
    Others                   4           31               0
    Total                  675        5,824           8,629

Any forward-looking information contained herein is inherently subject to various risks, uncertainties and assumptions, which, if incorrect, may cause actual results to vary materially from those anticipated, expected or estimated. The company assumes no obligation to update any forward-looking information contained herein.

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Gran Tierra Energy Announces Filing of NI 51-101 Reserves Disclosures

CALGARY, Alberta, Feb. 27 /PRNewswire-FirstCall/ -- Gran Tierra Energy Inc. (NYSE Alternext: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced it has filed information regarding the company's crude oil and natural gas reserves for the year ended December 31, 2008 in accordance with the requirements of Canadian Securities Administrators' National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Gran Tierra Energy's Statement of Reserves Data and Other Oil and Gas Information Form NI 51-101 F1; Report on Reserves Data by Independent Evaluator Form 51-101 F2; and Report of Management and Directors on Reserves Data and Other Information Form 51-101 F3; are now accessible on www.sedar.com.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. is an international oil and gas exploration and production company operating in South America, headquartered in Calgary, Canada, incorporated in the United States, and trading on the NYSE Alternext (GTE) and the Toronto Stock Exchange (GTE). The company holds interests in producing and prospective properties in Colombia, Argentina, and Peru. The company has a strategy that focuses on growing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth. Additional information concerning Gran Tierra Energy is available at www.grantierra.com. Investor inquiries may be directed to info@grantierra.com or 1-800-916-GTRE (4873).

Gran Tierra Energy's Securities and Exchange Commission filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com.

    Contacts:

    Dana Coffield                                     Al Palombo
    Gran Tierra Energy Inc.                           Cameron Associates
    President & Chief Executive Officer               Investor Relations
    (866) 973-4873                                    (212) 245-8800 Ext. 209
    info@grantierra.com                               al@cameronassoc.com

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Deep Down Opens New Houston Corporate Headquarters

HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has opened new corporate headquarters in Northwest Houston, at 8827 W. Sam Houston Parkway, N., Suite 100, Houston, Texas 77040.

"In just two short years, Deep Down's workforce has grown from less than 50 to more than 165 employees, we have successfully completed three acquisitions, the most recent being our Maine buoyancy facility, and we have more than quadrupled our annual revenues since then," commented Ronald E. Smith, Deep Down's president and chief executive officer. "The new corporate headquarters will allow us to more effectively manage our current operations as well as future acquisitions.

The new location will provide needed space for Deep Down's corporate operations, including its chief executive officer, chief financial officer, chief acquisition officer, operations, business development, investor relations, and their support staff. Deep Down also operates service and fabrication facilities in Channelview, Texas, Morgan City, Louisiana, and Biddeford, Maine.

"In spite of the oil and gas industry's current volatility, the offshore deepwater services subsector continues to increase. Deep Down remains committed to its strategy of providing the expertise and subsea technologies required to help customers meet today's offshore oil production challenges. Moreover, both the recent expansion of our Channelview, Texas, service and fabrication facility, and the expansion currently underway at our Biddeford, Maine, buoyancy facility, were calculated to allow us to take full advantage of the increasing need for service and technological solutions developing deepwater oilfields," Smith concluded.

Contact numbers for Deep Down's various operations are:

           Facility                       Location                 Phone
    Corporate Headquarters            Houston, Texas          (281) 517-5000
    Subsea Service & Technology       Channelview, Texas      (281) 869-2201
    Marine Automation Services        Channelview, Texas      (713) 896-7799
    Buoyancy Services                 Biddeford, Maine        (207) 282-7749
    ROV & Equipment Rental Services   Morgan City, Louisiana  (985) 385-7817

About Deep Down, Inc.

Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and ROV tooling, as well as marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.com.

One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.

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Webcast Alert: Edenor S.A. Announces Fourth Quarter 2008 Earnings Conference Call

BUENOS AIRES, Argentina, Feb. 27 /PRNewswire-FirstCall/ -- EDENOR S.A. (NYSE: EDN) announces the following Webcast:

    What:    Edenor Fourth Quarter 2008 Earnings Conference Call

    When:    Friday, February 27, 9 AM EDT

    Where:  http://www.videonewswire.com/event.asp?id=56083

    How:     Live over the Internet --
             Simply log on to the web at the address above.

Contact: Ivana Del Rossi, (54 11) 4346 5127, irossi@edenor.com, investor@edenor.com

If you are unable to participate during the live webcast, the call will be archived at http://www.edenor.com

    To listen by phone

    English: (888) 233 8286
             (973) 935 8877
    Conf. ID: EDENOR

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Harvest Natural Resources Provides Update on Venezuelan Operations

HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today provided an update on operations of its 32 percent owned Venezuelan affiliate, Petrodelta, S.A. (Petrodelta).

Highlights include:

• Production from Venezuela in 2008 was approximately 7.3 million barrels of oil equivalent (BOE), including 5.5 million barrels of oil and 10.7 billion cubic feet (Bcf) of natural gas.
• Petrodelta's oil production has increased to a high of 19,500 barrels of oil per day (BOPD) and is averaging 18,300 BOPD in February 2009 to comply with output requirements of Venezuela in accordance to its OPEC production quota.
• Petrodelta has drilled and completed ten new wells since re-commencing drilling operations in April 2008.
• Harvest's 32 percent share of Petrodelta's proved reserves are 43.3 million BOE with approximately 79 percent associated with oil, at year end 2008.

PRODUCTION AND DRILLING OVERVIEW

During 2008, Petrodelta drilled and completed eight development wells and produced approximately 5.5 million barrels of oil, an increase of 1.9 percent over the previous year. Petrodelta also sold 10.7 Bcf of natural gas, a decrease of 20 percent from 2007 due to reservoir management of gas production. On a barrel of oil equivalent basis, Petrodelta sold and produced 7.3 million BOE in 2008, as compared to 7.6 million BOE in 2007.

In review, Harvest Vinccler had two rigs drilling development wells during the second half of 2004, which dramatically increased production from approximately 20,000 BOPD to over 30,000 BOPD in only six months. In January 2005, drilling operations were suspended as Harvest's Venezuelan operations began the process of converting into a mixed company. During the conversion process, production fell to approximately 12,200 BOPD. Drilling operations re-commenced in April 2008 and ten new wells were drilled. Production rates have increased 56 percent to 19,000 BOPD during this period.

Petrodelta has been advised by the Venezuelan Government that production output will remain at approximately 16,000 BOPD effective January 1, 2009, consistent with current OPEC production quotas. However, Petrodelta has been permitted to produce above this guidance for compliance with Venezuela's overall quota, as determined by OPEC.

Drilling and production operations are presently focused in the Uracoa and Temblador fields. Currently, Petrodelta is operating two rigs in the Uracoa field and one rig in the Temblador field. Petrodelta has completed two oil development wells thus far in 2009. In Temblador, drilling operations are targeted to develop previously not accessed portions of the field, and the first new development well was completed in February 2009 with initial production in excess of 1,800 BOPD. Temblador operations were transferred to Petrodelta in February 2008 and production has been increased from 1,200 BOPD to 4,900 BOPD by drilling one well, four workovers and opening of two idle wells. For 2009, the initial drilling program includes plans for drilling development and appraisal wells for maintaining production capacity and appraising the substantial resource bases in the presently non-producing Isleno and El Salto fields.

In addition, Petrodelta shareholders have agreed that the company will remain self-funding and rely solely on internally-generated cash flow to fund operations.

James Edmiston, Harvest's President and Chief Executive Officer said, "Our Venezuelan business continues to post strong operational results in spite of the recent slowdown. I am particularly pleased with the outstanding results in the newly-acquired Temblador Field. The successes to date underscore what we believe is a very bright future for Petrodelta as it continues to develop its world-class asset base."

RESERVES OVERVIEW

At December 31, 2008, Harvest's 32 percent interest in Petrodelta's proved reserves was 43.3 million BOE, consisting of 34.2 million barrels of oil and 54.2 Bcf of natural gas, in accordance with SEC rules. Approximately 79 percent of the company's proved reserves were oil and had a present value discounted at ten percent of $111.4 million, providing nearly 19 years of projected production.

Harvest's probable and possible reserves under SPE/WPC reserve definitions were independently estimated at 33.5 million BOE and 77.9 million BOE, respectively, representing a large multi-year inventory of drilling locations.

The company does not expect to incur any impairment charges related to changes in 2008 proved reserves from the previous year.

Mr. Edmiston continued, "Our balance sheet remains strong and provides Harvest with the financial stability required to endure the current volatility in the world energy and financial markets without sacrificing our growth objectives. We remain focused on our strategy to diversify operations into areas where we have operational control and the ability to apply our technical expertise to build long-term shareholder value."

About Harvest Natural Resources

Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in the United States, Indonesia, West Africa and China and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at http://www.harvestnr.com.

"Cautionary note to investors - The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release such as prospective resources, probable reserves, possible reserves, non-proved reserves or other descriptions of volumes of reserves, that SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly, are subject to substantially greater risk of being actually realized by the Company. Investors are urged to consider closely the disclosure in our 2007 Annual Report on Form 10-K and our other public filings with the SEC, available from us on our website at www.harvestnr.com or by submitting a request to us at Harvest Natural Resources, Inc., 1177 Enclave Parkway, Suite 300, Houston, Texas, 77077, Attention: Investor Relations. You can also obtain these filings from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov."

"This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2007 Annual Report on Form 10-K and other public filings."

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Syngenta CEO Highlights Crucial Role of Technology in Improving Food Security

BASEL, Switzerland, Feb. 27 /PRNewswire-FirstCall/ -- Speaking yesterday at the 2009 USDA Outlook Forum in Washington D.C., Syngenta CEO Mike Mack highlighted the crucial role that agricultural technology can play in improving global food security. "In the face of persistent and growing global challenges, such as rising population, exacerbated by changing diets, limited farmland availability and more erratic climatic conditions, the need to ensure food security and environmental safety is essential. A full modern toolbox including biotechnology, crop protection and seed care is vital to provide solutions," Mack said.

Mike Mack highlighted the importance of science and research in finding alternative sources of energy, combating water scarcity and protecting biodiversity. "Some $30 billion worth of crops were lost to drought in 2007, and at the same time, the world is increasingly looking to biofuels to meet our energy needs," he continued. "Our innovative products allow us to unlock the potential of plants, enabling us to do more with less - feed more people, produce more fuel and fiber, while using less water and decreasing the carbon footprint of agriculture."

"We have just begun realizing the promise of agricultural technology. As amazing as the products we have already produced are, we are only at the early stages of the learning curve," concluded Mack.

Mike Mack spoke alongside other speakers including Tom Vilsack, Secretary of Agriculture, US Department of Agriculture and Lawrence H. Summers, Assistant to President Obama for Economic Policy and Director of the National Economic Council.

Syngenta is one of the world's leading companies with more than 24,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefore.

    Syngenta International AG

    Media Office
    CH-4002 Basel
    Switzerland
    Tel:        +41 61 323 23 23
    Fax:        +41 61 323 24 24

    www.syngenta.com

    Media contact:                      Analyst/Investor contacts:
    Medard Schoenmaeckers               Jennifer Gough
    Switzerland   +41 61 323 2323       Switzerland   +41 61 323 5059
                                        USA           +1 202 737 6521

                                        John Hudson
                                        Switzerland   +41 61 323 6793
                                        USA           +1 202 737 6520

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OM Group Announces Results for 2008 Fourth Quarter, Full Year

CLEVELAND, Feb. 26 /PRNewswire-FirstCall/ -- OM Group, Inc. (NYSE: OMG) announced today financial results for the fourth quarter and full year ended December 31, 2008.

Fourth-quarter and full-year highlights:

-- Full year 2008 net sales grew 70 percent to a record $1.7 billion, despite a 4 percent drop in net sales during the fourth quarter compared to a year ago.

-- Fourth-quarter net loss of $1.08 per diluted share included a non- recurring income tax benefit of $0.71 per diluted share, a non-cash inventory charge of $0.63 per diluted share, and a non-cash goodwill impairment charge of $0.29 per diluted share.

-- Cash flow from operating activities climbed in 2008 to $119.7 million in the fourth quarter, $172.1 million for the full year.

-- Cash balance at year-end was $244.8 million with additional liquidity available from revolvers of $75 million in the US and euro 25 million in Finland.

FOURTH-QUARTER RESULTS

Net sales for the fourth quarter of 2008 were $296.6 million compared with $309.4 million in the corresponding period of 2007. Lower volume across most end markets, a decrease in metal resale and lower pricing in Advanced Materials were partially offset by the benefits from higher revenue from the electronic technologies acquisition and favorable pricing in Advanced Organics.

Net loss in the fourth quarter of 2008 was $32.7 million, or $1.08 per diluted share, compared with last year's fourth-quarter net income of $48.0 million, or $1.58 per diluted share. Included in the 2008 period is a non-cash inventory charge of $26.9 million, or $0.63 per diluted share, to reduce the carrying value of certain inventory to market value; a non-recurring income tax benefit of $21.5 million, or $0.71 per diluted share, related to the company's electing to take foreign tax credits on prior-year U.S. tax returns; and a non-cash $8.8 million charge, or $0.29 per diluted share, for goodwill impairment.

"Like many companies, we faced rapidly deteriorating market conditions in the fourth quarter of 2008, which partially mitigated the significant gains we had made earlier in the year," said Joseph M. Scaminace, chairman and chief executive officer. "The impact on profitability from this unprecedented drop in demand during the fourth-quarter was further compounded by a steep decline in cobalt prices. Despite these negative macroeconomic forces, we were able to generate significant cash from operations. Coupled with our low level of debt, we are pleased with the financial flexibility we created for the company during the year."

Gross profit fell to $3.6 million, or 1.2 percent of sales, in the fourth quarter of 2008 versus $84.2 million, or 27.2 percent of sales, in the comparable 2007 quarter. The decline is attributable primarily to the lower volumes and the rapid decline in the cobalt reference price and its effect on selling prices relative to raw material costs. Included in the 2008 period was an inventory adjustment of $26.9 million to reduce the carrying value of certain inventory to market value.

Selling, general and administrative (SG&A) expenses increased to $40.7 million, or 13.7 percent of sales, in the fourth quarter of 2008 compared with $28.7 million, or 9.3 percent of sales, in the fourth quarter of 2007, due primarily to the acquired electronic technologies businesses that were not included in the 2007 period.

Operating loss in the fourth quarter of 2008 was $46.0 million compared with operating profit of $55.5 million in the prior-year period, driven primarily by the decline in gross profit and an $8.8 million goodwill impairment charge.

Loss from continuing operations was $33.0 million, or $1.09 per diluted share, in the fourth quarter of 2008, compared with income from continuing operations of $46.4 million, or $1.53 per diluted share, in the fourth quarter of 2007. Income tax in the fourth quarter of 2008 was a net benefit of $18.8 million, which includes the foreign tax credit benefit of $21.5 million previously mentioned and income tax expense of $21.1 million related to earlier periods of 2008, due to a change in the effective income tax rate for the full year 2008 made during the fourth quarter.

Net cash provided by operating activities in the fourth quarter of 2008 was $119.7 million compared with $12.2 million in the fourth quarter of 2007. The increase was the result of lower net working capital driven primarily by lower cobalt prices.

FULL-YEAR RESULTS

Net sales for 2008 were a record $1.7 billion compared with $1.0 billion in 2007. The improvement was driven by higher product selling prices, acquisitions, increased cobalt metal resale and sales volume growth. 2008 net income was $135.0 million, or $4.45 per diluted share, compared with $246.9 million, or $8.15 per diluted share, in 2007. Included in the results from 2007 are $63.1 million of income from discontinued operations and a $72.3 million gain on the sale of discontinued operations, both related principally to the Nickel business that was sold in the first quarter of 2007. Income from continuing operations was $134.9 million, or $4.45 per diluted share, for 2008 compared with $111.5 million, or $3.68 per diluted share, in 2007.

Gross profit rose to $352.5 million in 2008 compared with $313.2 million in 2007. As a percentage of net sales, gross profit fell to 20.3 percent from 30.7 percent, due primarily to the rapid decline in the cobalt reference price in the second half of the year and its effect on selling prices relative to raw material costs as well as $27.7 million in adjustments to reduce the carrying value of certain inventory to market value.

SG&A expenses were $166.1 million in 2008 compared with $117.0 million in 2007. The increase was due primarily to expenses from the acquired coatings and electronic technologies businesses. Operating profit fell to $177.6 million, or 10.2 percent of sales, in 2008 versus $196.2 million, or 19.2 percent of sales, in 2007.

Net cash provided by operating activities rose to $172.1 million in 2008 compared with $41.0 million last year. This improved performance was attributable to higher income from continuing operations and cash provided by working capital as cobalt prices fell in the second half of 2008. Cash provided by operations as well as available credit facilities should provide adequate liquidity for OMG's working capital, debt service and capital expenditure requirements in 2009.

    BUSINESS SEGMENT RESULTS

Advanced Materials

In the fourth quarter of 2008, net sales for the Advanced Materials segment were $194.1 million compared with $222.3 million in the fourth quarter of last year. The decrease was driven by lower sales volume of metal resale, lower product selling prices due to a decrease in the reference price for cobalt, and lower overall volume. Excluding metal resale and copper by-product sales, volume fell 4 percent in the fourth quarter of 2008 compared with the same quarter last year.

Operating loss for the segment for the fourth quarter was $16.0 million compared with a profit of $64.5 million in the prior-year quarter. The impact of a rapid decline in cobalt reference price, lower volume and higher manufacturing and non-cobalt raw material costs led to the decline in profit. For the 2008 fourth quarter, cobalt prices averaged $20.81 per pound compared with $32.54 per pound during the third quarter of 2008 and $32.68 per pound during the fourth quarter of 2007. The current period includes an inventory charge of $19.9 million to reduce the carrying value of certain inventory to market value.

Full year 2008 net sales for the segment were $1.2 billion, compared with $721.9 million in 2007. Increased product selling prices, higher cobalt metal resale and copper by-product sales, and higher volumes contributed to the increase. Operating profit fell to $203.5 million in 2008 compared with $212.6 million in 2007 due to $20.7 million of inventory charges to reduce the carrying value of certain inventory to market value, an unfavorable currency impact and increased manufacturing and non-cobalt raw material costs. These decreases were partially offset by higher volume, favorable pricing and increased copper by-product sales.

Specialty Chemicals

Net sales from the Specialty Chemicals segment were $102.7 million in the fourth quarter of 2008 compared with $87.2 million in the same quarter last year. The improvement was due primarily to acquisitions and higher selling prices in Advanced Organics, partially offset by lower volumes.

Operating loss was $19.1 million in the fourth quarter of 2008 compared with operating profit of $3.1 million in the prior-year quarter, due to lower volume, a $7.0 million inventory charge to reduce the carrying value of certain inventory to market value, additional expenses from the newly acquired businesses and the goodwill impairment charge.

Full year 2008 net sales for the segment increased to $546.7 million, compared with $303.9 million in 2007. Acquisitions and increased product selling prices were the main factors leading to the sales improvement, partially offset by lower volumes. Operating profit was $11.2 million in 2008 compared with $18.2 million in 2007 as benefits from acquisitions were offset by decreased volume, the charge for goodwill impairment and inventory adjustments.

OUTLOOK

"At the present time, we see no immediate recovery from the prevalent uncertainty and weak end-market demand created in the fourth quarter of 2008," said Scaminace. "Likewise, we expect cobalt prices in 2009 to remain lower on a year-over-year basis, which will further challenge our relative earnings potential. While both will influence the rate at which we can continue to implement our growth strategy in 2009, our focus and resolve to achieve our stated goals of delivering sustainable and profitable volume growth and driving consistent financial performance remain unchanged."

Scaminace noted that the company is dealing with the uncertain economic outlook by implementing a number of additional cost containment measures aimed at further leveraging margin growth and profitability, including eliminating 2009 salary increases where possible, reducing headcount, reprioritizing capital projects and cutting discretionary spending. "With the benefit of a strong, clean balance sheet, we are cautiously optimistic that we are in a sound position to manage through the economic uncertainty ahead," Scaminace concluded.

WEBCAST INFORMATION

OM Group has scheduled a conference call and live audio broadcast on the Web for 10 a.m. Eastern time today. Investors may access the live audio broadcast by logging on to www.omgi.com. A copy of management's presentation materials will be available on OMG's Web site at the time of the call. The company recommends visiting the Web site at least 15 minutes prior to the webcast to download and install any necessary software. A webcast audio replay will be available on the "Investor Relations - Presentations" page of the company's Web site three hours after the call.

ABOUT OM GROUP, INC.

OM Group, Inc. is a diversified global developer, producer and marketer of value-added specialty chemicals and advanced materials that are essential to complex chemical and industrial processes. Key technology-based end-use applications include affordable energy, portable power, clean air, clean water, and proprietary products and services for the microelectronics industry. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia and Africa. For more information, visit the company's Web site at http://www.omgi.com/.

FORWARD-LOOKING STATEMENTS

The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: the potential impact that the recent global economic and financial market crisis may have on our business and operations, including future goodwill impairments; the direction and pace of our strategic transformation, including identification of and the ability to finance potential acquisitions; the operation of our critical business facilities without interruption; the speed and sustainability of price changes in cobalt; the potential for lower of cost or market write-downs of the carrying value of inventory necessitated by decreases in the market price of cobalt or the selling prices of the Company's finished products; the availability of competitively priced supplies of raw materials, particularly cobalt; the demand for metal-based specialty chemicals and products in the Company's markets; the impact of environmental regulations on our operating facilities and the impact of new or changes to current environmental, health and safety laws on our products and their use by our customers; the effect of fluctuations in currency exchange rates on the Company's international operations; the effect of non-currency risks of investing and conducting operations in foreign countries, including political, social, economic and regulatory factors; the effect of changes in domestic or international tax laws; and the general level of global economic activity and demand for the Company's products.

                         OM Group, Inc. and Subsidiaries
                      Condensed Consolidated Balance Sheets

                                                December 31,      December 31,
                                                    2008              2007
    (In thousands)
    ASSETS
    Current assets
          Cash and cash equivalents               $244,785          $100,187
          Accounts receivable                      130,217           178,481
          Inventories                              306,128           413,434
          Other current assets                     114,286            64,431
              Total current assets                 795,416           756,533

    Property, plant and equipment, net             245,202           288,834
    Goodwill                                       268,677           322,172
    Intangible assets                               84,824            46,454
    Notes receivable from joint venture
     partner                                        13,915            24,179
    Other non-current assets                        26,393            31,038
              Total assets                      $1,434,427        $1,469,210

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities
          Short-term debt and current
           portion of long-term debt                   $80              $513
          Accounts payable                          89,470           214,244
          Accrued income taxes                      17,677            32,040
          Accrued employee costs                    31,168            34,707
          Other current liabilities                 21,074            25,435
              Total current liabilities            159,469           306,939

    Long-term debt                                  26,064             1,136
    Deferred income taxes                           26,764            29,645
    Minority interests                              47,429            52,314
    Other non-current liabilities                   44,052            50,790

    Total stockholders' equity                   1,130,649         1,028,386
    Total liabilities and stockholders'
     equity                                     $1,434,427        $1,469,210



                         OM Group, Inc. and Subsidiaries
                   Condensed Statements of Consolidated Income


                                   Three Months Ended    For the Year Ended
                                      December 31,           December 31,
                                     2008      2007        2008        2007
    (In thousands, except per
     share data)

    Net sales                      $296,599  $309,367  $1,736,849  $1,021,501
    Cost of products sold
     (excluding lower of cost or
     market charge)                 266,079   225,182   1,356,573     708,257
    Lower of cost or market
     inventory charge                26,922         -      27,728           -
    Gross profit                      3,598    84,185     352,548     313,244
    Goodwill impairment               8,800         -       8,800           -
    Selling, general and
     administrative expenses         40,748    28,733     166,126     117,009
    Operating profit                (45,950)   55,452     177,622     196,235
    Other income (expense):
       Interest expense                (305)     (297)     (1,597)     (7,820)
       Loss on redemption of Notes        -         -           -     (21,733)
       Interest income                  511     8,279       1,920      23,922
       Foreign exchange gain
        (loss)                       (4,613)    2,138      (3,744)      8,100
       Other income (expense), net   (1,348)      550      (1,913)       (449)
                                     (5,755)   10,670      (5,334)      2,020
    Income (loss) from continuing
     operations before income tax
     (expense) benefit and
     minority interest              (51,705)   66,122     172,288     198,255
    Income tax (expense) benefit     18,842   (18,596)    (16,076)    (76,311)
    Minority partners' share of
     (income) loss                     (155)   (1,085)    (21,301)    (10,405)
    Income (loss) from continuing
     operations                     (33,018)   46,441     134,911     111,539
    Discontinued operations:
    Income from discontinued
     operations, net of tax             303     1,546          92      63,057
    Gain on sale of discontinued
     operations, net of tax               -         -           -      72,270
    Total income from discontinued
     operations, net of tax             303     1,546          92     135,327
    Net income (loss)              $(32,715)  $47,987    $135,003    $246,866

    Net income (loss) per common
     share - basic:
      Continuing operations          $(1.09)    $1.55       $4.48       $3.73
      Discontinued operations          0.01      0.05           -        4.52
      Net income                     $(1.08)    $1.60       $4.48       $8.25
    Net income (loss) per common
     share - assuming dilution:
      Continuing operations          $(1.09)    $1.53       $4.45       $3.68
      Discontinued operations          0.01      0.05           -        4.47
      Net income                     $(1.08)    $1.58       $4.45       $8.15

    Weighted average shares
     outstanding
      Basic                          30,180    30,040      30,124      29,937
      Assuming dilution              30,180    30,397      30,358      30,276



                         OM Group, Inc. and Subsidiaries
                 Condensed Statements of Consolidated Cash Flows

                                                      For the Year Ended
                                                    2008              2007
    (In thousands)
    Operating activities
    Net income                                    $135,003          $246,866
    Adjustments to reconcile net income
     to net cash provided by
     operating activities:
        Total income from discontinued
         operations                                    (92)         (135,327)
        Loss on redemption of Notes                      -            21,733
        Depreciation and amortization               56,116            33,229
        Share-based compensation expense             7,621             7,364
        Minority partners' share of
         income                                     21,301            10,405
        Gain on cobalt forward purchase
         contracts                                  (4,002)           (6,735)
        Interest income receivable from
         joint venture partner                       3,776            (3,776)
        Lower of cost or market inventory
         charge                                     27,728                 -
        Goodwill impairment                          8,800                 -
        Other non-cash items                         7,358           (25,169)
    Changes in operating assets and
     liabilities, excluding the effect of
     business acquisitions:
        Accounts receivable                         48,641           (38,364)
        Inventories                                 76,985          (165,694)
        Accounts payable                          (124,712)           92,161
        Refundable, prepaid and accrued
         income taxes                              (64,455)           17,455
        Other, net                                 (27,944)          (13,144)
    Net cash provided by operating
     activities                                    172,124            41,004

    Investing activities
    Expenditures for property, plant and
     equipment                                     (30,712)          (19,357)
    Net proceeds from the sale of the
     Nickel business                                     -           490,036
    Proceeds from settlement of cobalt
     forward purchase contracts                     10,736                 -
    Other investing activities                       2,042          (335,430)
    Net cash provided by (used for)
     investing activities                          (17,934)          135,249

    Financing activities
    Payments of long-term debt and
     revolving line of credit                      (45,513)         (400,000)
    Proceeds from the revolving line of
     credit                                         70,000                 -
    Premium for redemption of notes                      -           (18,500)
    Payment of loan from consolidated
     joint venture partner                          (2,657)
    Distributions to joint venture
     partners                                      (26,184)           (1,350)
    Payment related to surrendered shares           (3,251)                -
    Proceeds from exercise of stock
     options                                           874            11,344
    Excess tax benefit on exercise of
     stock options                                      28             1,744
    Net cash used for financing
     activities                                     (6,703)         (406,762)

    Effect of exchange rate changes on
     cash                                           (2,889)            1,440

    Cash and cash equivalents
    Increase (decrease) from continuing
     operations                                    144,598          (229,069)
    Discontinued operations - net cash
     provided by operating activities                    -            48,508
    Discontinued operations - net cash
     used for investing activities                       -            (1,540)
    Balance at the beginning of the year           100,187           282,288
    Balance at the end of the year                $244,785          $100,187



                         OM Group, Inc. and Subsidiaries
                               Segment Information

                                   Three Months Ended    For the Year Ended
                                      December 31,           December 31,
    (In thousands)                   2008      2007       2008         2007

    Net Sales
       Advanced Materials          $194,122  $222,271  $1,192,423    $721,874
       Specialty Chemicals          102,739    87,196     546,675     303,897
       Intersegment items              (262)     (100)     (2,249)     (4,270)
                                   $296,599  $309,367  $1,736,849  $1,021,501

    Operating profit (loss)
       Advanced Materials          $(16,025)  $64,450    $203,545    $212,609
       Specialty Chemicals          (19,125)    3,132      11,168      18,176
       Corporate                     (8,623)  (11,444)    (37,540)    (35,807)
       Intersegment items            (2,177)     (686)        449       1,257
                                   $(45,950)  $55,452    $177,622    $196,235



                       OM Group, Inc. and Subsidiaries
                          Non-GAAP Financial Measure


                                    Three months ended   Three months ended
                                     December 31, 2008    December 31, 2007
                                    $       Diluted EPS  $       Diluted EPS
    (in thousands, except
     per share data)

    Net income (loss) as
     reported                   $(32,715)    $(1.08)  $47,987       $1.58

    Less:
      Total income from
       discontinued operations       303       0.01     1,546        0.05

    Income (loss) from
     continuing operations -
     as reported                $(33,018)    $(1.09)  $46,441       $1.53

    Special items -- income
     (expense):
       Election to take Foreign
        Tax Credits on Prior
        Year Returns              21,536       0.71         -           -
       Goodwill impairment        (8,800)     (0.29)        -           -
       Interest income on Notes
        receivable from JV partner     -          -     3,776        0.12
       Tax expense related to
        interest income on Notes
        from JV partner                -          -      (982)      (0.03)
       Tax expense related to
        repatriation of foreign
        cash                           -          -    (6,911)      (0.22)

    Income (loss) from continuing
     operations  - as adjusted
     for special items          $(45,754)    $(1.51)  $50,558       $1.66

    Weighted average shares
     outstanding - diluted                   30,180                30,397




                                        Year ended          Year ended
                                    December 31, 2008     December 31, 2007
                                   $      Diluted EPS   $        Diluted EPS
    (in thousands except per
     share data)

    Net income as reported      $135,003      $4.45  $246,866       $8.15

    Less:
      Total income from
       discontinued operations        92          -   135,327        4.47

    Income from continuing
     operations - as reported   $134,911      $4.45  $111,539       $3.68

    Special items -- income
     (expense):
       Election to take
        Foreign Tax Credits on
        Prior Year Returns        46,636       1.54         -           -
       Goodwill impairment        (8,800)     (0.29)        -           -
       REM - inventory step-up
        (COGS), net of tax        (1,222)     (0.04)        -           -
       Tax assessment in Canada     (763)     (0.03)        -           -
       Environmental charges at
        closed New Jersey site         -          -    (3,857)      (0.13)
       Loss on redemption of Notes     -          -   (21,733)      (0.72)
       Tax benefit related to
        redemption of Notes            -          -     7,607        0.25
       Tax expense related to
        repatriation of foreign
        cash                           -          -   (45,700)      (1.51)
       Interest income on Notes
        receivable from JV partner     -          -     4,526        0.15
       Tax expense related to
        interest income on Notes
        from JV partner                -          -    (1,177)      (0.04)

    Income from continuing
     operations - as adjusted
     for special items           $99,060      $3.26  $171,873       $5.68

    Weighted average shares
     outstanding - diluted                   30,358               30,276

Use of Non-GAAP Financial Information:

"Income from continuing operations - as adjusted for special items" is a non-GAAP financial measure that the Company's management has used as an important metric in evaluating the performance of the Company's business for 2008. The above table presents a reconciliation of the Company's GAAP results, as reported (both net income and income from continuing operations), to its non-GAAP results after adjusting for the special items shown. The Company believes that the non-GAAP financial measure presented in the above table facilitates a comparative assessment of the Company's operating performance by its management. In addition, the Company believes that this non-GAAP financial measure will enhance investors' understanding of the performance of the Company's operations during 2008 and of the comparability of the 2008 results to the results of prior periods.

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Syngenta Board Proposes Stefan Borgas to Become New Director

BASEL, Switzerland, Feb. 26 /PRNewswire-FirstCall/ -- Syngenta announced today that the Board of Directors will propose to shareholders at the Annual General Meeting on April 21, 2009, to name Stefan Borgas as a new member of the Syngenta Board.

Stefan Borgas (45) is Chief Executive Officer of Lonza, one of the world's leading suppliers to the pharmaceutical, healthcare and life science industries, headquartered in Basel. Prior to joining Lonza in 2004 he worked in various senior international functions for BASF. Stefan Borgas holds a degree in business administration from the University of Saarbruecken, Germany, and an MBA from the University of St. Gallen, Switzerland.

Syngenta is one of the world's leading companies with more than 24,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.

    Media contact:                Analyst/Investor contacts:

    Medard Schoenmaeckers         Jennifer Gough
    Switzerland   +41 61 323 2323 Switzerland   +41 61 323 5059
                                  USA           +1 202 737 6521

                                  John Hudson
                                  Switzerland   +41 61 323 6793
                                  USA           +1 202 737 6520

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefore.

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Global Industries, Ltd. Announces Results for the Fourth Quarter and Year End 2008

CARLYSS, La., Feb. 25 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced revenues of $250.4 million for the fourth quarter of 2008 compared to $263.0 million in the fourth quarter of 2007. Net loss was $27.9 million, or $0.25 per diluted share, for the fourth quarter of 2008. This compares to net income of $32.9 million, or $0.28 per diluted share, in the fourth quarter of 2007.

Revenues were $1.07 billion in fiscal year 2008 compared to $992.5 million in fiscal year 2007. Net loss was $117.4 million, or $1.03 per diluted share, in fiscal year 2008. This compares to net income of $160.0 million, or $1.36 per diluted share, in fiscal year 2007.

Commenting on the fourth quarter results, Chairman and Chief Executive Officer John A. Clerico stated, "Our recovery plan is underway at Global. During the fourth quarter, we took actions to reduce costs, conserve our cash and increase our project order backlog to $519.6 million. These actions produced positive impact during the quarter and will continue to do so in future quarters. However, the impact of these actions was more than offset during the quarter by idle vessel costs resulting from a decline in project revenues in North America OCD, West Africa and the Middle East together with added costs to complete the Camarupim project in Brazil caused by weather, mechanical downtime and the provision for anticipated additional costs as a result of future schedule delays."

Clerico continued, "We have re-dedicated ourselves to winning business, increasing our project order backlog and executing projects well for our customers. Our plan for this year is to scale our costs to match a realistic forecast of our revenues. Despite the risks and uncertainties we face, we are confident that our recovery plan will restore Global to profitability and growth."

Selling, general and administrative expenses of $21.9 million for the fourth quarter of 2008 decreased by $0.6 million over the same quarter last year, primarily due to company-wide cost control activities.

Interest income of $1.8 million for the fourth quarter of 2008 decreased by $6.9 million over the same quarter last year primarily due to decreased cash balances and lower interest rates.

The provision of $17.2 million income taxes expense on loss before taxes of $(10.7) million for the 2008 fourth quarter was primarily due to losses that could not be tax effected and lower margins in tax jurisdictions with a deemed profit tax regime where tax is calculated as a percentage of revenue.

During the fourth quarter of 2008, the Company booked $372.9 million of net new work resulting in a backlog of $519.6 million as of December 31, 2008.

A conference call will be held at 9:00 a.m. Central Standard Time on February 26, 2009. Anyone wishing to listen to the conference call may dial 888-677-0183 (domestic) or 1-773-756-0451 (international) and request connection to the "Global Fourth Quarter Earnings" call. Phone lines will open fifteen minutes prior to the start of the call. The call will also be webcast in real time on the Company's website at www.globalind.com, where it will also be archived for anytime reference until March 13, 2009.

All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by Global and cannot be recorded or rebroadcast without Global's express written consent.

Global Industries, Ltd. is a leading offshore solutions provider of offshore construction, engineering, project management, and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company's shares are traded on The NASDAQ Global Select Market under the symbol "GLBL."

This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: industry conditions, prices of crude oil and natural gas, the Company's ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.

Set forth are the Company's results of operations for the periods indicated.

                                   (In thousands, except earnings per share)
                                   -----------------------------------------
                                   Three Months Ended     Twelve Months Ended
                                       December 31,           December 31,
                                   -------------------    -------------------
                                       2008     2007        2008       2007
                                   ---------  --------    --------   --------

    Results of Operations
    Revenues                       $ 250,429 $ 263,028 $ 1,070,988  $ 992,513
    Cost of operations               237,330   214,712   1,084,581    719,768
                                   --------- ---------- ----------  ---------
      Gross profit (loss)             13,099    48,316     (13,593)   272,745
    Loss (gain) on asset
     disposals and  impairments        1,228    (2,762)        856     (4,079)
    Selling, general and
     administrative expenses          21,925    22,498      95,364     81,275
                                   --------- ---------- ----------  ---------
      Operating income (loss)        (10,054)   28,580    (109,813)   195,549
                                   --------- ---------- ----------  ---------
    Interest income                    1,768     8,706      14,477     27,966
    Interest expense                  (3,650)   (4,948)    (13,624)   (13,439)
    Other income (expense), net        1,225       893        (641)     3,826
                                   --------- ---------- ----------  ---------
      Income (loss) before taxes     (10,711)   33,231    (109,601)   213,902
    Income taxes                      17,213       331       7,760     53,942
                                   --------- ---------- ----------  ---------
      Net income (loss)            $ (27,924) $ 32,900 $  (117,361) $ 159,960
                                   ========= ========== ==========  =========
    Earnings (Loss) Per
     Common Share
      Basic                        $   (0.25) $   0.29 $     (1.03) $    1.38
      Diluted                      $   (0.25) $   0.28 $     (1.03) $    1.36

    Weighted Average Common
     Shares Outstanding
      Basic                          112,190   115,044     113,647   116,137
      Diluted                        112,190   116,634     113,647   117,819

    Other Data
      Depreciation and
       amortization                $  16,228  $ 16,658 $    64,348  $ 61,839
      Backlog at End of Period                         $   519,652  $713,555



    Set forth are the Company's results of operations by reportable segment for the periods indicated.

                   RESULTS OF OPERATIONS BY REPORTABLE SEGMENT
                                 (In thousands)

                                Three Months Ended     Twelve Months Ended
                                    December 31,           December 31,
                               -------------------    -------------------
                                  2008       2007        2008       2007
                               ---------  --------    --------   --------

    Total segment revenues
      North America OCD       $  22,697  $  26,403  $   81,137  $ 106,478
      North America Subsea       42,983     32,683     146,105    150,407
      Latin America              81,715     52,730     266,974    226,999
      West Africa                12,213     30,775     152,877    184,651
      Middle East                49,438    101,362     237,523    186,317
      Asia Pacific/India         51,133     24,253     223,450    181,187
                               --------- ---------- ----------  ---------
          Subtotal              260,179    268,206   1,108,066  1,036,039
                               --------- ---------- ----------  ---------
    Intersegment eliminations
      North America OCD              --         --          --     (7,726)
      North America Subsea       (7,526)    (4,356)    (30,713)   (17,867)
      Latin America                (650)      (322)     (2,724)      (322)
      Middle East                (1,574)      (500)     (3,641)   (17,466)
      Asia Pacific/India             --         --          --       (145)
                              --------- ---------- ----------- ----------
          Subtotal               (9,750)    (5,178)    (37,078)   (43,526)
                              --------- ---------- ----------- ----------

    Consolidated revenues     $ 250,429  $ 263,028  $ 1,070,988 $ 992,513
                              ========= ========== ============ =========

    Income (loss) before taxes
      North America OCD       $  (3,803)    $2,517  $  (17,748) $  12,631
      North America Subsea        3,365     11,454       7,377     59,849
      Latin America                 684     22,503     (17,938)    97,604
      West Africa               (16,271)   (10,095)    (42,035)   (14,952)
      Middle East                (3,178)    14,541     (81,633)    29,568
      Asia Pacific/India          9,654    (13,719)     40,923     11,473
      Corporate                  (1,162)     6,030       1,453     17,729
                              --------- ---------- ----------- ----------

    Consolidated income (loss)
     before taxes             $ (10,711) $  33,231  $ (109,601) $ 213,902
                              ========= ========== =========== ==========




                         CONSOLIDATED BALANCE SHEETS
                               (in thousands)

                                                          December 31,
                                                        2008        2007

    ASSETS
    Current Assets
      Cash and cash equivalents                     $  287,669 $   723,450
      Restricted cash                                   94,516       1,121
      Marketable securities                                 --      99,935
      Accounts receivable - net of
       allowance of $12,070 for 2008
       and $1,278 for 2007                             180,018     167,469
      Unbilled work on uncompleted contracts            86,011     106,716
      Contract costs incurred not yet recognized        11,982      10,821
      Deferred income taxes                              7,223       3,827
      Assets held for sale                               2,181       1,002
      Prepaid expenses and other                        44,585      27,875
                                                    ----------   ---------
        Total current assets                           714,185   1,142,216
                                                    ----------   ---------
    Property and Equipment, net                        593,522     349,549
                                                    ----------   ---------
    Other Assets
      Marketable securities - long-term                 42,375          --
      Accounts receivable - long-term                   22,246       9,315
      Deferred charges, net                             72,370      43,045
      Goodwill                                          37,388      37,388
      Other                                              3,508       8,285
                                                    ----------   ---------
        Total other assets                             177,887      98,033
          Total                                    $ 1,485,594 $ 1,589,798
                                                    ==========   =========
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities
      Current maturities of long term debt         $     3,960 $     3,960
      Accounts payable                                 207,239     169,034
      Employee-related liabilities                      26,113      28,366
      Income taxes payable                              38,649      39,683
      Accrued interest payable                           5,613       5,827
      Advance billings on uncompleted contracts          4,609      36,691
      Accrued anticipated contract losses               35,055          --
      Other accrued liabilities                         12,053      15,638
                                                    ----------   ---------
        Total current liabilities                      333,291     299,199
                                                    ----------   ---------

    Long-Term Debt                                     386,380     390,340
    Deferred Income Taxes                               28,941      35,617
    Other Liabilities                                   13,266      11,050

    Commitments and Contingencies                           --          --

    Shareholders' Equity
      Common stock, $0.01 par value, 150,000
       authorized, and 119,650 and 118,001
       shares issued at December 31, 2008 and
       2007, respectively                                1,197       1,180
      Additional paid-in capital                       441,105     418,366
      Retained earnings                                397,845     515,206
      Treasury stock at cost, 6,130 in 2008
       and 2,904 in 2007                              (105,038)    (77,257)
      Accumulated other comprehensive loss             (11,393)     (3,903)
                                                    ----------   ---------
        Total shareholders' equity                     723,716     853,592
                                                    ----------   ---------
          Total                                    $ 1,485,594 $ 1,589,798
                                                    ==========   =========

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Quaker Chemical Announces Fourth Quarter and Full Year Results

CONSHOHOCKEN, Pa., Feb. 25 /PRNewswire-FirstCall/ -- Quaker Chemical Corporation (NYSE: KWR) today announced net sales for the fourth quarter 2008 of $116.2 million, and a net loss of $2.7 million, or $0.25 per diluted share. Included in fourth quarter 2008 results is a pre-tax restructuring charge of $2.9 million, or approximately $0.18 per diluted share.

Michael F. Barry, Chief Executive Officer and President, commented, "After starting the year with three strong quarters of sales and profits, 2008 finished with disappointing results due to a dramatic falloff in customer demand around the globe and continued raw material price escalation in certain regions. However, we have taken aggressive actions to reduce our cost structure given the market realities we are facing. In addition, we have recently amended our credit facility to provide more financial flexibility during this uncertain period."

Mr. Barry continued, "We expect our overall demand for products to be lower in 2009 as a result of the global recession with gradual improvement in our volumes as the year progresses. Fortunately, we entered this significant downturn at the end of the third quarter with a strong balance sheet position as our net debt level was at the lowest point since 2005. While 2009 will be a challenging year for Quaker and our customers, we remain confident that our business model, strong associate base, key growth initiatives and solid balance sheet will get us through this difficult period in a profitable manner and position us well for the future."

Fourth Quarter Summary

Net sales for the fourth quarter were $116.2 million, down 18% compared to $142.4 million for the fourth quarter of 2007. The decrease in net sales was primarily due to volume declines in all of the Company's regions, as the global economic downturn began to impact the Company. Volumes were down approximately 25%, which were partially offset by a favorable 11% in selling price and mix. Selling price increases were realized, in part, as a result of an ongoing effort to offset higher raw material costs. Foreign exchange rate translation also decreased revenues by approximately 4%.

Gross margins were down approximately $15.5 million, or 36%, compared to the fourth quarter of 2007, reflective of the above-noted volume declines. The gross margin percentage of 24.2% was also lower than the fourth quarter 2007 gross margin percentage of 30.6%. The decline in gross margin was primarily related to continued high raw material costs which were only partially offset by higher selling prices. The remaining decline in gross margin percentage was due to the impact of manufacturing and other costs being spread over reduced volumes, as well as product and regional sales mix.

Selling, general and administrative expenses ("SG&A") decreased $8.7 million, compared to the fourth quarter of 2007. Investments in higher growth areas were more than offset by significantly lower incentive compensation, lower commissions on lower sales, as well as favorable foreign exchange rate translation. SG&A as a percentage of sales decreased to 23% compared to 25% in the fourth quarter of 2007.

In response to the significant volume declines, Quaker implemented a restructuring program in the fourth quarter of 2008, which eliminated more than 80 positions and included provisions for severance for 57 employees totaling $2.9 million. In a further effort to reduce operating costs, as volume declines continued in the U.S. and Europe and extended to other regions, Quaker implemented an additional restructuring program in the first quarter of 2009, which is expected to include provisions for severance for approximately 50 employees totaling approximately $2.5 to $3 million.

The decrease in other income was primarily the result of foreign exchange losses recorded in the fourth quarter of 2008, compared to gains in the same period of the prior year. The higher net interest expense was due to higher average borrowings and lower interest income.

Full Year Summary

Net sales for 2008 were $581.6 million, up 7% from $545.6 million for 2007. Foreign exchange rate translation increased revenues by approximately 4%. Selling price increases realized across all regions and market segments were partially offset by the fourth quarter volume declines noted above.

Gross margins were down approximately $4.9 million, or 3%, compared to 2007. The gross margin percentage of 28% was also lower than the 2007 gross margin percentage 30.8%. The decline in gross margin percentage was due to increased raw material costs partially offset by price increases, as well as product and regional sales mix.

SG&A for 2008 decreased $2.7 million compared to 2007. Investments in higher growth areas, inflationary increases and unfavorable foreign exchange rate translation were more than offset by lower incentive compensation and lower legal and environmental costs.

Effective October 3, 2008, Ronald J. Naples, Chairman, retired as Quaker's Chief Executive Officer. As further discussed in the Company's Form 8-K filed on May 13, 2008, the Company is recognizing certain accelerated and other costs, in accordance with Mr. Naples' Employment, Transition and Consulting Agreement, which are expected to total $5.8 million over the 2008-2010 period. Incremental costs incurred in 2008 totaled $3.5 million, or approximately $0.22 per diluted share.

In 2007, the Company recorded environmental charges of $3.3 million. The charges consisted of $2.0 million related to the settlement of environmental litigation involving AC Products, Inc., a wholly owned subsidiary, as well as an additional $1.3 million charge for the estimated remaining remediation costs.

The decrease in other income was primarily the result of foreign exchange losses recorded in 2008, compared to gains in the prior year. Other income for 2008 also includes a net arbitration award of approximately $1.0 million, or approximately $0.04 per diluted share, related to litigation with one of the former owners of the Company's Italian subsidiary.

The Company's effective tax rate was 29.9% for 2008, compared to 29.3% in the prior year. The 2008 effective tax rate was affected by a changing mix of income among jurisdictions, as well as the derecognition of several uncertain tax positions due to the expiration of applicable statutes of limitations for certain tax years. The effective tax rate for 2007 includes an out of period non-cash tax benefit adjustment of $1.0 million related to the deferred tax accounting for the Company's foreign pension plans and intangible assets regarding one of the Company's acquisitions.

Balance Sheet and Cash Flow Items

The Company's net debt-to-total-capital ratio remained strong at 32% at both December 31, 2008 and 2007, respectively. As discussed in the Form 8-K filed on February 20, 2009, the Company has also amended its credit facility to provide covenant relief related to the 2008 and 2009 restructuring programs and the CEO transition costs. In addition, the amendment temporarily increases the maximum permitted leverage ratio from 3.5 to 4.0 from June 30, 2009 to September 30, 2009, and to 3.75 from December 31, 2009 to March 31, 2010. In February 2009, the Company also amended two Industrial Revenue Bonds totaling $15.0 million to allow for the same changes in terms as the credit facility. On a pro-forma basis, the estimated consolidated leverage ratio as of December 31, 2008 is approximately 2.2.

Quaker Chemical Corporation is a leading global provider of process chemicals, chemical specialties, services, and technical expertise to a wide range of industries - including steel, automotive, mining, aerospace, tube and pipe, coatings and construction materials. Our products, technical solutions, and chemical management services enhance our customers' processes, improve their quality, and lower their costs. Quaker's headquarters is located near Philadelphia in Conshohocken, Pennsylvania.

This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. A major risk is that the Company's demand is largely derived from the demand for its customers' products, which subjects the Company to downturns in a customer's business and unanticipated customer production shutdowns. Other major risks and uncertainties include, but are not limited to, significant increases in raw material costs, customer financial stability, worldwide economic and political conditions, foreign currency fluctuations, and future terrorist attacks such as those that occurred on September 11, 2001. Other factors could also adversely affect us. Therefore, we caution you not to place undue reliance on our forward-looking statements. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

As previously announced, Quaker Chemical's investor conference call to discuss fourth quarter and full year results is scheduled for February 26, 2009 at 3:30 p.m. (ET). Access the conference by calling 877-269-7756 or visit Quaker's Web site at www.quakerchem.com for a live webcast.

                                  Quaker Chemical Corporation
                        Condensed Consolidated Statement of Operations
              (Dollars in thousands, except per share data and share amounts)


                                                  (Unaudited)

                                   Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                    2008        2007       2008        2007

        Net sales                 $116,229   $142,393    $581,641   $545,597

        Cost of goods sold          88,114     98,783     418,580    377,661

        Gross margin                28,115     43,610     163,061    167,936
         %                            24.2%      30.6%       28.0%      30.8%

        Selling, general and
         administrative expenses    26,762     35,499     136,697    139,429
        Restructuring and related
         charges                     2,916        -         2,916        -
        CEO transition costs           -          -         3,505        -
        Environmental charges          -          -           -        3,300

        Operating (loss) income     (1,563)     8,111      19,943     25,207
        %                             -1.3%       5.7%        3.4%       4.6%

        Other income, net             (657)       960       1,095      2,578
        Interest expense, net       (1,204)      (829)     (4,409)    (5,050)
        (Loss) income before taxes  (3,424)     8,242      16,629     22,735

        Taxes on income               (871)     3,592       4,977      6,668
                                    (2,553)     4,650      11,652     16,067

        Equity in net (loss)
         income of associated
         companies                    (102)       226         388        783
        Minority interest in net
         income of subsidiaries        (67)      (253)       (908)    (1,379)

        Net (loss) income          $(2,722)    $4,623     $11,132    $15,471
         %                            -2.3%       3.2%        1.9%       2.8%

        Per share data:
          Net (loss) income -
           basic                    $(0.25)     $0.46       $1.07      $1.55
          Net (loss) income -
           diluted                  $(0.25)     $0.46       $1.05      $1.53

        Shares Outstanding:
          Basic                 10,729,049 10,035,630  10,419,654  9,986,347
          Diluted               10,729,049 10,154,388  10,553,325 10,106,918



                             Quaker Chemical Corporation
                        Condensed Consolidated Balance Sheet
            (Dollars in thousands, except par value and share amounts)

                                                     (Unaudited)

                                               December 31,   December 31,
                                                    2008         2007
        ASSETS

        Current assets
          Cash and cash equivalents                $20,892     $20,195
          Construction fund (restricted cash)        8,281         -
          Accounts receivable, net                  98,702     118,135
          Inventories, net                          57,419      60,738
          Deferred income taxes                      4,948       4,042
          Prepaid expenses and other current assets 10,584      10,391
            Total current assets                   200,826     213,501

        Property, plant and equipment, net          60,945      62,287
        Goodwill                                    40,997      43,789
        Other intangible assets, net                 6,417       7,873
        Investments in associated companies          7,987       7,323
        Deferred income taxes                       34,179      30,257
        Other assets                                34,088      34,019
            Total assets                          $385,439    $399,049

        LIABILITIES AND SHAREHOLDERS' EQUITY

        Current liabilities
          Short-term borrowings and current
           portion of long-term debt                $4,631      $4,288
          Accounts payable                          48,849      65,202
          Dividends payable                          2,492       2,178
          Accrued compensation                       7,741      17,287
          Accrued pension and
           postretirement benefits                   7,380       1,726
          Other current liabilities                 12,771      15,670
            Total current liabilities               83,864     106,351
        Long-term debt                              84,236      78,487
        Deferred income taxes                        7,156       7,583
        Accrued pension and
         postretirement benefits                    37,638      30,699
        Other non-current liabilities               42,670      41,023
            Total liabilities                      255,564     264,143

        Minority interest in equity of
         subsidiaries                                3,952       4,513

        Shareholders' equity
          Common stock, $1 par value;
           authorized 30,000,000
           shares; issued 2008 -
           10,833,325 shares                        10,833      10,147
          Capital in excess of par value            25,238      10,104
          Retained earnings                        117,089     115,767
          Accumulated other comprehensive loss     (27,237)     (5,625)
            Total shareholders' equity             125,923     130,393
              Total liabilities and
               shareholders' equity               $385,439    $399,049



                             Quaker Chemical Corporation
                   Condensed Consolidated Statement of Cash Flows
                        For the twelve months ended December 31,
                                (Dollars in thousands)

                                                            (Unaudited)
                                                        2008           2007
        Cash flows from operating activities
          Net income                                   $11,132       $15,471
          Adjustments to reconcile net income
           to net cash provided by operating activities:
            Depreciation                                10,879        11,686
            Amortization                                 1,177         1,197
            Equity in net income of associated
             companies, net of dividends                  (275)         (219)
            Minority interest in earnings of
             subsidiaries                                  908         1,379
            Deferred income tax                          1,014          (354)
            Uncertain tax positions (non-
             deferred portion)                             211         1,577
            Deferred compensation and other, net           819           (85)
            Stock-based compensation                     3,901         1,550
            Restructuring and related charges            2,916           -
            Environmental charges                          -           3,300
            (Gain) loss on disposal of
             property, plant and equipment                 (10)          (40)
            Insurance settlement realized               (1,556)       (1,854)
            Pension and other postretirement benefits   (3,527)       (3,596)
          Increase (decrease) in cash from
           changes in current assets and
           current liabilities, net of acquisitions:
            Accounts receivable                         15,582        (4,093)
            Inventories                                    (73)       (5,182)
            Prepaid expenses and other current assets     (181)          122
            Accounts payable and accrued liabilities   (27,892)        7,612
            Change in restructuring liabilities           (749)          -
            Estimated taxes on income                     (885)         (970)
              Net cash provided by operating
               activities                               13,391        27,501

        Cash flows from investing activities
          Capital expenditures                         (11,742)       (9,165)
          Payments related to acquisitions              (1,859)       (2,373)
          Proceeds from disposition of assets              177           259
          Insurance settlement received and
           interest earned                               5,306         5,705
          Change in restricted cash, net               (12,031)       (3,851)
              Net cash used in investing activities    (20,149)       (9,425)

        Cash flows from financing activities
          Proceeds from short-term debt                    -           2,250
          Net increase (decrease) in short-term
           borrowings                                      743        (3,198)
          Proceeds from long-term debt                  10,000           -
          Repayments of long-term debt                  (3,401)       (8,345)
          Dividends paid                                (9,503)       (8,654)
          Stock options exercised, other                11,919         3,309
          Distributions to minority shareholders          (404)       (1,265)
              Net cash provided by (used in)
               financing activities                      9,354       (15,903)

          Effect of exchange rate changes on cash       (1,899)        1,960
            Net increase in cash and cash equivalents      697         4,133
            Cash and cash equivalents at the
             beginning of the period                    20,195        16,062
            Cash and cash equivalents at the
             end of the period                         $20,892       $20,195

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