Middelbury, Connecticut - Chemtura Corp.'s Industrial Performance Products unit, which includes the company's urethanes and antioxidant/ultraviolet plastic additives activities, has recorded a 30 percent decline in sales to £271 million in the third quarter of 2009 (Q3), compared to the same period last year.
Currently in Chapter 11 bankruptcy proceedings, Chemtura said the $118-million decline in sales was caused primarily by reduced sales volume and selling prices, noting that all product lines saw reduced sales volume year-over-year. Compared to the first half of 2009, however, "demand showed some modest improvement," a 29 Oct Chemtura statement said.
Industrial Engineered Products, which includes the company's flame retardants activities, reported revenue down by 34 percent in Q3 to $206 million, compared to Q3 2008, primarily due to reduced sales volume, the company said, adding that "products sold to electronic, building and construction, and consumer durable polymer applications showed the most dramatic year-over-year reductions due to the impact of the global recession.
Consumer Performance Products recorded a 5 percent drop in sales to $115 million.
Overall, Chemtura's sales were down 26 percent to £681 million in Q3, year-on-year. Operating profit was also down, falling 23 percent to $34 million in Q3, compared to the same period last year.
The company said it intends to emerge from Chapter 11 "as soon as practicable, ideally within one year of its filing." (RD)
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