01 August 2012 22:36 [Source: ICIS news]
HOUSTON (ICIS)--US Chemtura’s second-quarter net earnings fell by 28% year on year, on charges related to the closure of a plant in Italy, the company said on Wednesday.
Net earnings $50m (€41m), down from $69m in the second quarter of 2011.
Sales for the specialty chemicals producer also decreased to $845m from $876m in the same period last year.
Meanwhile, sales in the industrial performance products segment fell to $339m from $370m in the second quarter of 2011.
Industrial engineered products also posted a loss in sales, falling to $236m from $244m in the same quarter last year.
Consumer products had a slight gain in sales, rising to $158m from $152m in the second quarter last year.
Sales for the agrosolutions segment also rose to $112m from $110m in the same period of 2011.
“We continue to make active portfolio management a priority,” said chief executive Craig Rogerson.
“We are working on opportunities to monetise portfolio assets as well as ‘bolt-on’ investment opportunities in our areas of strategic focus," Rogerson continued. "As a result, we may execute on one or more of these transactions in the second half of 2012 although there are many factors that may influence whether or not we are successful.”
($1 = €0.81)
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