Philadelphia, Pennsylvania -- Chemtura Corp. has reported 2010 second quarter (Q2) sales up 22 percent year-on-year to $767 million. The company, currently in Chapter 11 bankruptcy proceedings, reported a net loss of $41 million from continuing operations in Q2, compared to the second quarter of 2009, a 6 Aug statement said.
The company's Industrial Performance Products division, which includes the company's urethanes and antioxidant/ultraviolet plastic additives activities, reported Q2 sales up 29 percent to $313 million, compared to Q2 2009, driven mainly by higher selling prices and increased volumes, Chemtura said. Volumes were driven up by increased customer demand, improved economic conditions and strong growth in the Asia-Pacific region. Q2 operating profit was up by $17 million to $38 million, compared to the same period last year.
Chemtura's Industrial Engineered Products business, which includes the company's flame retardants activities, reported a 44-percent increase in sales in Q2, compared to the second quarter of 2009. The statement said there was increased demand for some old products sold to electronic applications, with "some recovery evident in building and construction, and consumer durable polymers." Q2 Operating profit rose by $10 million to $7 million, compared to Q2 2009.
On 30 April 2010, Chemtura sold its PVC (polyvinyl additives) business to Galata Chemicals llc. The results of operations for the business have been removed from Chemtura's results of continuing operations for all periods.
Chemtura first filed a plan of reorganisation with the bankruptcy court on 17 June 2010 before filing revised plans on the 9 July 2010 and 20 July 2010.
Chemtura said the bankruptcy court approved "the adequacy of the disclosure statement" on 5 Aug 2010. A hearing is scheduled for 16 Sep 2010 where the court will decide whether to approve the plan of reorganisation. (RD)