Philadelphia - Chemtura's operating profit for the third quarter of 2011 has risen by 21 percent to $46 million over a 9-percent increase in sales at $773 million.
In the industrial performance products division, which includes the company's urethanes business, net sales increased by 7 percent to $342 million in Q3 2011, which Chemtura said was due to higher selling prices and favourable foreign exchange. Operating profit rose by $4 million to $31 million.
In the industrial engineered products segment, which includes the company's flame retardant and antioxidant activities, net sales increased by 17 percent to $222 million, again due to higher selling prices and favourable currency conversion. Operating profit was $25 million, up $12 million year-on-year.
"Net sales and operating profitability in the quarter showed the year-on-year improvement we forecast despite the uncertain macroeconomic outlook," said Craig Rogerson, ceo in a 18 Oct results report.