US Chemtura Q2 net profits fall 28% on plant shutdown charges

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.

Chemtura also had $23m in charges related to the closure of the Pedrengo antioxidants plant in Italy, the company said.

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)


By: Bobbie Clark
+1 713 525 2653



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