Philadelphia, Pennsylvania – Polyurethane additive maker Chemtura reported net sales of $609m (EUR454m) during the second quarter of 2014 -- a 3% increase on the same period in 2013.
The company’s adjusted EBITDA in Q2 2014 was $84m compared with $83m in the second quarter of 2013.
Craig Rogerson, Chemtura ceo said his firm’s Industrial Performance Products division’s sales increased by $5m compared with the second quarter of 2013 to $259m. The division which includes polyurethane products saw a $4m increase in sales volume and $1m in higher prices in the quarter.
Rogerson said that this was due to “increased customer demand for our urethane products, particularly industrial foam.” However, average selling prices for urethanes decreased in the quarter.
The company’s Industrial Engineered Products segment net sales increased by $9m to $201m or 4%. This reflects a $14m increase in sales volume and $2m from favourable currency effects. These were offset by $7m lost through lower selling prices. The division, includes brominated flame retardants and tin-based specialty products.
Net sales for urethanes in the quarter were $76m, up 2.8% from $72m in the same quarter in 2013. In the first half of 2014, polyurethane sales were $152m compared with $144m for the first half of 2013. That is a 5.6% increase. The company does not break out EBITDA for the division.
Currency conversion: 30 July 2014