Chemtura Q3 Earnings Up, But Future Uncertain
4 November 2008 Chemtura’s third-quarter net income was US $11 million, compared with $2 million a year ago. The company said that its crop protection business was strong during the quarter, during which time operating profit in its consumer and polymer additives units declined. Raw material costs rose by $67 million from the year before, but are moderating in the current quarter. A restructuring program helped reduce other costs during the quarter.
Earlier this year, the company ended discussions regarding its sale after determining it was unlikely to receive an attractive offer. It did sell several businesses, however, resulting in a sales decrease of half a percent to $924 million. In a statement, Chemtura said it is still evaluating strategic options for its business, including acquisitions, divestitures, joint ventures, and changes in its capital structure.
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