Philadelphia, Pennsylvania -Polyurethanes additive maker Chemtura made a$23m loss in the first quarter of 2013 on sales of $606m because of environmental provisions made for a site in France.
Craig Rogerson, Chairman, President and CEO said: "Demand for flame retardants used in insulation foams, which had strengthened throughout 2012, declined significantly in the quarter and pricing suffered, particularly in Europe due to both challenging economic conditions and a prolonged winter, resulting in a decline in the profitability of the segment.
On a GAAP basis Chemtura had sales of $606m in the first quarter of 2013, compared with $618m in the same period in 2012. The firm made an operating profit of $126m in the first quarter compared with $163m in the first quarter of 2012.
The company reduced administrative costs from $679m in the first quarter of 2012 to $70m in Q1 2013 and cut research spending from $12m in the first quarter of 2012 to $9m in the first quarter of 2013. The company also budgeted $14m for facility closures, severance and related cost - a line that did not appear in the 2012 first quarter accounts.
