Middlebury, Connecticut — Sales at Chemtura fell from $444 m in the third quarter of 2015 to $414m in the third quarter of 2016, according to a filing with the Securities and Exchange Commission.
The company's figures were hit by lower sales volumes and product mix, which took $24m from the total compared with the 2015 third quarter. A further $7m was lost due top lower selling prices, however, $1m was recouped with better currency exchange effects.
Chemtura said sales in its urethane products were hit by lower volumes. The firm added that its products are used in mining and oil and gas applications which have slowed as a result of the fall in the oil price, slower economic growth and lower commodity prices. Sales prices continued to decline compared with the third quarter of 2015 as Chemtura passed on the benefits of material cost reductions to its customers under formula-based contract pricing agreements, the firm said.