02 August 2012 16:53 [Source: ICIS news]
HOUSTON (ICIS)--Chemtura is working to optimise its product portfolio through divestments and acquisitions, with deals possible in the second half of the year, the CEO of the US-based specialty chemicals firm said on Thursday.
“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,” Craig Rogerson told analysts during Chemtura’s second-quarter earnings call.
“Let me assure you that we continue to make active portfolio management a priority,” Rogerson said, adding that many analysts were asking Chemtura about its portfolio activities.
“We are working on opportunities to monetise portfolio assets as well as bolt-on investment opportunities in our areas of strategic focus,” he said.
However, Rogerson would not disclose specific details.
At the same time, Chemtura sees share repurchases as a good use for its capital, as well, he said.
Last month Chemtura’s board authorised an increase in the company’s share repurchase programme from $50m (€41m) to up to $100m, and the board extended the programme until November 2013, “reflecting our continued confidence in the long-term prospects of Chemtura,” Rogerson said.
During the second quarter, Chemtura already repurchased 700,000 shares for about $10m.
Shares of Chemtura were up by nearly 15% in early trading on the New York Stock Exchange.
($1 = €0.82)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections