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PHILADELPHIA--(BUSINESS WIRE)--Chemtura Corporation (NYSE/Euronext: CHMT) today announced that it has acquired UP Chemical Co., Ltd.’s (UP Chem) 50 percent stake in DayStar Materials, LLC, a South Korean manufacturer and marketer of high-purity metal organic precursors for the rapidly growing LED market.
Chemtura now owns a 100 percent interest in DayStar, which will be a part of Chemtura’s Organometallic Specialties (OMS) business and a key element in OMS’s strategy to create a sustainable competitive advantage through technologically advanced products in emerging high-end, greener-application markets. DayStar was formed in 2011 as a joint venture of Chemtura and UP Chem.
“This transaction leverages Chemtura’s proprietary technology and takes advantage of fully integrated infrastructures and feedstock supply, by which we plan to meet essential marketplace and customer requirements and position ourselves for further profitable growth initiatives within the electronic-grade metal organic markets,” said Craig Rogerson, Chemtura President, Chairman and CEO.
Chemtura intends to establish fully integrated manufacturing, quality, service and distribution capabilities in Asia supporting the full, electronic-grade trialkyl product portfolio of trimethylgallium, triethylgallium, trimethylaluminum and trimethylindium.
“This will help our OMS business achieve its growth potential in specialty markets, including high-brightness LED applications and other compound-semiconductor devices,” said John Sun, vice president and managing director of Chemtura Organometallic Specialties.
Chemtura Corporation, with 2012 sales of $2.6 billion,(1) is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products. Additional information about Chemtura is available at www.chemtura.com.
(1)2012 net sales of $2.6 billion reflects discontinued operations treatment for the sale of Chemtura’s Antioxidants business
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John Gustavsen, 203-573-3224