OM Group hires CSFB to advise on restructuring

New York, Nov. 5 - OM Group, Inc. said it hired Credit Suisse First Boston to advise on an "aggressive restructuring program" to improve its cash flow and strengthen its balance sheet.

The Cleveland company also suspended its quarterly cash dividend indefinitely, a move that will save $16 million a year.

"Today's actions by the board are important steps in returning the company's performance to the level our shareowners have come to expect from us," said James P. Mooney, chairman and chief executive officer, in a news release.

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