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MIDDLEBURY, Conn.--(BUSINESS WIRE)--Chemtura Corporation (NYSE: CEM) announced today that it has signed long-term supply and purchase agreements with TETRA Technologies, Inc. (NYSE: TTI) for a number of products, including bromine.
Under the agreements, which are each 20 years or more in length:
“These agreements enhance Chemtura’s strong global position in bromine and brominated derivatives and demonstrate our commitment to this important product family,” said Chemtura Chairman and CEO Robert L. Wood. “This is the first step in a series of improvements that allow us to fully utilize our valuable brine resource to reduce our overall cost position.
“This collaboration is well aligned with our long-term corporate goals and will create benefits and efficiencies that will be realized for many years to come.”
Chemtura noted that bromine and bromine-based intermediates are used in a wide range of applications, including electronic devices, furniture foam, building and construction, oil well completion fluids, soaps and detergents, rubber products, medicines and pharmaceuticals.
About TETRA Technologies, Inc.
TETRA is an oil and gas services company, including an integrated calcium chloride and brominated products manufacturing operation that supplies feedstocks to energy markets, as well as other markets. TETRA is a global company with employees and operations on five continents.
Chemtura Corporation, with pro forma 2005 sales of $3.9 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com.
Certain statements made in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, general economic conditions; significant international operations and interests; the outcome and timing of antitrust investigations and related civil lawsuits to which Chemtura is subject; the ability to obtain increases in selling prices; the ability to retain sales volumes in the event of increasing selling prices; the ability to absorb fixed cost overhead in the event of lower volumes; pension and other post-retirement benefit plan assumptions; energy and raw material prices, availability and quality; production capacity; changes in interest rates and foreign currency exchange rates; changes in technology, market demand and customer requirements; the enactment of more stringent environmental laws and regulations; the ability to realize expected cost savings under Chemtura’s cost-reduction initiatives; the ability to successfully execute our portfolio divesture plan; the ability to reduce Chemtura’s debt levels; the ability to successfully integrate the Crompton and Great Lakes businesses, operations and information systems and achieve anticipated benefits from the Merger, including costs savings and synergies; and other risks and uncertainties detailed in filings with the Securities and Exchange Commission by Chemtura or its predecessor companies. These statements are based on Chemtura’s estimates and assumptions and on currently available information. The forward-looking statements include information concerning our possible or assumed future results of operations. Chemtura’s actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this release was issued and such information will not necessarily be updated by Chemtura.
William Kuser, 203-573-2213
Mary Ann Dunnell, 203-573-3034