- Email: [email protected]
Chemtura returns to profit in 1Q 2011, launches toll manufacturing service
FINANCIALS
1991. The plant has existing production capacity of 24 000 tonnes per year of polypropylene compounds and masterbatches for a wide range of applications. Contact: Comai Ltda, Zona Franca Industrial Mamonal Bdg 7 y 8, Cartagena de Indias, Colombia. Tel: +57 5 668 5862, Fax: +57 5 668 5858, Email: [email protected], Web: www.comai.com.co
FINANCIALS Chemtura returns to profit in 1Q 2011, launches toll manufacturing service
F
or the first quarter ended 31 March 2011, Chemtura Corp posted net earnings from continuing operations on a GAAP basis of US$7 million on net sales of $699 million. This compares with a net loss of $177 million on net sales of $603 million for 1Q 2010. Describing the first quarter results as a ‘solid start to 2011’, CEO Craig A. Rogerson comments: ‘With the reorganization costs almost behind us, we returned to profitability on a GAAP basis’. Importantly, the company made ‘significant progress’ in recovering the increases in raw material costs through year-on-year changes, he says. According to Rogerson, the company is pursuing several ‘opportunities for earnings growth’, including the establishment of a strategic alliance in bromine and brominated derivatives with Archean Group in Chennai, India, which will provide a ‘cost-competitive and robust’ long-term bromine source for the Great Lakes Solutions business; a future joint venture between the two companies is also planned. In addition, Chemtura is deferring the planned idling of some of its own bromine and brine capacity at its South Arkansas facility and will invest to improve the operating efficiency of those assets to further boost earnings potential for the Industrial Engineered Products segment, he says. Industrial Engineered Products’ net sales increased $49 million or 31% to $209 million in 1Q 2011. The higher volume reflects increased sales to customers in the electronics, fine chemicals, pharmaceutical, insulation and furniture foam industries due in large
August 2011
part to improved global macroeconomic conditions. On a GAAP basis, operating profit increased $36 million to $33 million. Net sales by the Industrial Performance Products segment increased $50 million or 17% to $336 million while operating profit rose by $5 million. In other developments, Chemtura has launched a contract and toll manufacturing service including various alkylation, hydrogenation and trans-esterification technologies, aqueous and solvent polymerization, manufacture of dispersions and emulsions, and powder and liquid blending. ‘Chemtura has been manufacturing speciality chemicals for more than 57 years and knows that, when looking for a production partner, you need a company you can trust to deliver the quality and the service you expect’, says Peter Smith, general manager, Chemtura Antioxidants & UV Stabilizer Solutions business. Chemtura’s experience will allow customers to benefit from pilot to full-scale production, and a variety of process technologies for the manufacture of different product forms including powders, granules, pellets, liquids, dispersions and emulsions, it says. The support of highly qualified staff to develop formulations according to customer’s individual needs will also be available. All Chemtura manufacturing locations are certified to at least ISO 9001. The company says its new service offers production partners flexibility in increasing capacity, quicker and more cost-effective commercialization of new products, with lower risks and reduced capital investment. The company has also recently announced plans to build a multipurpose manufacturing facility in Nantong, China. It will initially serve the petroleum additives and urethanes businesses but is also expected to provide ‘sufficient additional capacity’ for other Chemtura businesses. Contact: Chemtura Corp, Middlebury, CT, USA. Tel: +1 203 573 2000, Web: www.chemtura.com
Lanxess reports ‘best-ever’ quarter, announces HQ move to Cologne
G
erman speciality chemicals company Lanxess reports that it achieved its best-ever
Additives for Polymers
9
1991. The plant has existing production capacity of 24 000 tonnes per year of polypropylene compounds and masterbatches for a wide range of applications. Contact: Comai Ltda, Zona Franca Industrial Mamonal Bdg 7 y 8, Cartagena de Indias, Colombia. Tel: +57 5 668 5862, Fax: +57 5 668 5858, Email: [email protected], Web: www.comai.com.co
FINANCIALS Chemtura returns to profit in 1Q 2011, launches toll manufacturing service
F
or the first quarter ended 31 March 2011, Chemtura Corp posted net earnings from continuing operations on a GAAP basis of US$7 million on net sales of $699 million. This compares with a net loss of $177 million on net sales of $603 million for 1Q 2010. Describing the first quarter results as a ‘solid start to 2011’, CEO Craig A. Rogerson comments: ‘With the reorganization costs almost behind us, we returned to profitability on a GAAP basis’. Importantly, the company made ‘significant progress’ in recovering the increases in raw material costs through year-on-year changes, he says. According to Rogerson, the company is pursuing several ‘opportunities for earnings growth’, including the establishment of a strategic alliance in bromine and brominated derivatives with Archean Group in Chennai, India, which will provide a ‘cost-competitive and robust’ long-term bromine source for the Great Lakes Solutions business; a future joint venture between the two companies is also planned. In addition, Chemtura is deferring the planned idling of some of its own bromine and brine capacity at its South Arkansas facility and will invest to improve the operating efficiency of those assets to further boost earnings potential for the Industrial Engineered Products segment, he says. Industrial Engineered Products’ net sales increased $49 million or 31% to $209 million in 1Q 2011. The higher volume reflects increased sales to customers in the electronics, fine chemicals, pharmaceutical, insulation and furniture foam industries due in large
August 2011
part to improved global macroeconomic conditions. On a GAAP basis, operating profit increased $36 million to $33 million. Net sales by the Industrial Performance Products segment increased $50 million or 17% to $336 million while operating profit rose by $5 million. In other developments, Chemtura has launched a contract and toll manufacturing service including various alkylation, hydrogenation and trans-esterification technologies, aqueous and solvent polymerization, manufacture of dispersions and emulsions, and powder and liquid blending. ‘Chemtura has been manufacturing speciality chemicals for more than 57 years and knows that, when looking for a production partner, you need a company you can trust to deliver the quality and the service you expect’, says Peter Smith, general manager, Chemtura Antioxidants & UV Stabilizer Solutions business. Chemtura’s experience will allow customers to benefit from pilot to full-scale production, and a variety of process technologies for the manufacture of different product forms including powders, granules, pellets, liquids, dispersions and emulsions, it says. The support of highly qualified staff to develop formulations according to customer’s individual needs will also be available. All Chemtura manufacturing locations are certified to at least ISO 9001. The company says its new service offers production partners flexibility in increasing capacity, quicker and more cost-effective commercialization of new products, with lower risks and reduced capital investment. The company has also recently announced plans to build a multipurpose manufacturing facility in Nantong, China. It will initially serve the petroleum additives and urethanes businesses but is also expected to provide ‘sufficient additional capacity’ for other Chemtura businesses. Contact: Chemtura Corp, Middlebury, CT, USA. Tel: +1 203 573 2000, Web: www.chemtura.com
Lanxess reports ‘best-ever’ quarter, announces HQ move to Cologne
G
erman speciality chemicals company Lanxess reports that it achieved its best-ever
Additives for Polymers
9