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Share Name | Share Symbol | Market | Type |
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Chemtura Corp. (delisted) | NYSE:CHMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 33.50 | 0 | 01:00:00 |
Chemtura Corporation (NYSE: CHMT), a leading global specialty chemicals company based in Philadelphia, Pennsylvania, today held a groundbreaking ceremony for its new, multipurpose manufacturing facility in the Nantong Economic and Technological Development Area to support Chemtura’s growth strategy in China and the greater Asia-Pacific region.
Craig Rogerson, third from left, president, chairman and CEO of Chemtura Corporation (NYSE: CHMT), and Qiang Qiang, fourth from left, director of the Nantong Economic and Technological Development Area (NETDA) in Nantong, China, lead the groundbreaking ceremonies March 6, 2012 on a new, multipurpose manufacturing facility in Nantong to support Chemtura's growth strategy in China and the greater Asia-Pacific region. From left are Stephen Forsyth, Chemtura executive vice president and CFO; Chet Cross, Chemtura executive vice president and president, Performance & Engineered Industrial Products; Rogerson; Qiang; Mme. Yan Xian, NETDA deputy director; and Chen Qiang, NETDA deputy director. (Photo: Business Wire)
The Nantong facility, Jiangsu Province, first announced in June 2011, will be operational within the next two years with four production units supporting Chemtura’s Industrial Performance Products segment’s Petroleum Additives and Urethanes businesses, with the first production unit expected to be operational in the fourth quarter of 2013. There also are plans to manufacture additional products in future phases.
As previously disclosed, Chemtura’s goal, among other initiatives, is to create value for customers and other stakeholders by improving support of its business growth with increased manufacturing capacity in rapidly growing regions. This facility will be Chemtura’s largest single investment since its formation in 2005 and the centerpiece site for manufacturing in Asia-Pacific, and specifically in China. The investment is being made over a three-year period.
“This project is a huge step forward and a statement to our customers and investors that we are truly committed to our growth strategy in the world’s fast growing regions. We are going to make a broad array of our leading-edge products at Nantong in order to be closer to our customers, to shorten the timeframe for new product development and commercialization in the region, as well as to shorten the supply chain for these growing markets,” said Craig A. Rogerson, Chemtura’s chairman, president, and chief executive officer.
The state-of-the-art Nantong facility will include production lines, administrative and maintenance buildings, utilities, a centralized control room, and quality control labs. This planned investment will support the growth of our Industrial Performance Products segment’s Petroleum Additives and Urethanes businesses. The following describes the products that will come online during the first two years of development, with further expansion planned over the remainder of the three-year project period.
In addition to the planned development of local manufacturing capacity, Chemtura plans to continue to build global scale through investing in sales representation, technical development centers, joint ventures and bolt-on acquisitions, further empowering its regional teams to serve their growing customer base with robust service functions and technical support capabilities.
Chemtura Corporation, with 2011 sales of $3 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com.
Forward-looking statements:
This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities and Exchange Act of 1934, as amended. These forward-looking statements are identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies.
Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:
These statements are based on our estimates and assumptions and on currently available information. Our forward-looking statements include information concerning possible or assumed future results of operations, and our actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this press release was issued. We undertake no duty to update any forward-looking statements to conform the statements to actual results or changes in our operations.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50193752&lang=en
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