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Recently, the United States Hansen announced its second quarter 2020 results, the specific revenue, let's take a look.
total net sales for the quarter to June 30, 2020 were $628 million, down 30 percent from $892 million a year earlier. The decline in sales in the second quarter of 2020 was the main reason for the decline in net sales, driven by the global economic impact of COVID-19 in various industries
. The decline in sales had a negative impact on net sales of $206 million, mainly due to lower sales in the company's North American resin business due to weak demand and a decline in the epoxy and phenolic resins business, mainly due to overall weakness in the automotive and construction sectors.
"Despite the shrinking market caused by the coronavirus pandemic, our sales and EBITDA grew steadily every month during the quarter," acting CHIEF Executive Officer and Chief Financial Officer George Knight said. "In addition to the headwinds from COVID-19 driving down sales, we experienced a temporary manufacturing disruption at our Pernis plant. In our coatings and composites sector, the specialty epoxy business reflects continued positive demand for wind energy, with the majority of year-over-year declines mainly due to the underlying epoxy business.
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