17 November 2010 17:02 [Source: ICIS news]
HOUSTON (ICIS)--US specialty chemicals producer Chemtura will consider acquisitions, plants and ventures in developing markets in Asia and Latin America, the company's chief executive said on Wednesday.
Chemtura makes most of its products in North America and Europe said chief executive Craig Rogerson. From there, the company exports the products to Latin America and the Asia Pacific region.
In the future, Chemtura wants to meet that demand from local plants in Asia and Latin America, Rogers said.
Rogerson made his comments at the Bank of America Merrill Lynch Credit Conference. While Chemtura's strategy has worked in the past, it will be a challenge in the future, Rogerson said.
"So, as you look forward and see where we are going to invest in bolt-on acquisitions and greenfield plants and ventures and alliances, you will see a lot of that in the developing markets," Rogerson said. "It could be in India, China or Latin America, like Brazil."
In a bolt-on acquisition, the company merges the acquired business into an existing division. A greenfield project typically refers to one where no existing buildings or structures exist, alleviating the need to remodel.
Out of Chemtura's $2.5bn (€1.9bn) in 2009 net sales, 49% came from the US and Canada, 31% from Europe and Africa, 15% from Asia Pacific and 5% to Latin America, according to the company's annual statement.
Chemtura's products include agricultural chemicals, plastic additives, petroleum additives, pool chemicals and urethane chemicals. The company recently emerged from Chapter 11 bankruptcy protection.
($1 = €0.74)
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