Chemtura Sells its Natural Sodium Sulfonates and Oxidized Petrolatum Businesses to SonnebornLast update: 7/30/2010 12:06:00 PMPHILADELPHIA, Jul 30, 2010 (BUSINESS WIRE) -- Chemtura Corporation, debtor-in-possession (Pink Sheets: CEMJQ) ("the Company" or "Chemtura"), today announced that it has completed the sale of the natural sodium sulfonates and oxidized petrolatum product lines of its Petroleum Additives business to Sonneborn Inc., an affiliate of private investment firm Sun Capital Partners, Inc. The sale includes certain assets and the assumption of certain liabilities. Assets include the Petronate(TM) sodium sulfonate detergent and Oxpet(TM) oxidized petrolatum corrosion inhibitor brands, customer information, and working capital. Petronate(TM) emulsifiers are additives that are designed to provide emulsification for mineral oil and water based lubricant systems. Oxpet(TM) oxidized petrolatum corrosion inhibitors provide rust protection in formulating industrial metal protective compounds. The transaction was recently approved by the United States Bankruptcy Court for the Southern District of New York. Chemtura, with 2009 sales of $2.3 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals, and pool, spa and home care products. Additional information concerning Chemtura is available at . Sonneborn is a world leader in the manufacture and supply of high-purity specialty hydrocarbons. Its primary products are white oils, plastics oils, petrolatums, microcrystalline waxes, wax blends, refrigeration oils, cable filling compounds, compressor lubricants, ink oils, and petroleum distillates. More information concerning Sonneborn is available at . Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in--house operating professionals and experience. Sun Capital affiliates have invested in more than 225 companies worldwide with combined sales in excess of $40 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit . Forward-Looking Statement This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Exchange Act of 1934, as amended. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: -- The ability to complete a restructuring of our balance sheet; -- The ability to have the Bankruptcy Court approve motions required to sustain operations during the Chapter 11 cases; -- The uncertainties of the Chapter 11 restructuring process including the potential adverse impact on our operations, management, employees and the response of our customers; -- Our estimates of the cost to settle proofs of claim presented in the Chapter 11 cases; -- The ability to confirm and consummate a Chapter 11 plan of reorganization; -- The ability to be compliant with our debt covenants or obtain necessary waivers and amendments; -- The ability to reduce our indebtedness levels; -- General economic conditions; -- Significant international operations and interests; -- The ability to obtain increases in selling prices to offset increases in raw material and energy costs; -- The ability to retain sales volumes in the event of increasing selling prices; -- The ability to absorb fixed cost overhead in the event of lower volumes; -- Pension and other post-retirement benefit plan assumptions; -- The ability to improve profitability in our Industrial Engineered Products segment as the general economy recovers from the recession; -- The ability to implement the El Dorado, Arkansas restructuring program; -- The ability to obtain growth from demand for petroleum additive, lubricant and agricultural product applications; -- The ability to restore profitability levels in our Chemtura AgroSolutions(TM) Engineered Products segment as demand conditions recover in the agrochemical market. Additionally, demand for the Chemtura AgroSolutions(TM) Engineered Products segment is dependent on disease and pest conditions, as well as local, regional, regulatory and economic conditions; -- The ability to sell methyl bromide due to regulatory restrictions; -- Changes in weather conditions which could adversely affect the seasonal selling cycles in both our Consumer Performance Products and Chemtura AgroSolutions(TM) Engineered Products segments; -- Changes in the availability and/or quality of our energy and raw materials; -- The ability to collect our outstanding receivables; -- Changes in interest rates and foreign currency exchange rates; -- Changes in technology, market demand and customer requirements; -- The enactment of more stringent U.S. and international environmental laws and regulations; -- The ability to realize expected cost savings under our restructuring plans, Six Sigma and Lean manufacturing initiatives; -- The ability to recover our deferred tax assets; -- The ability to support the goodwill and long-lived assets related to our businesses; and -- Other risks and uncertainties detailed in Item 1A. Risk Factors in our filings with the Securities and Exchange Commission. These statements are based on the Company's estimates and assumptions and on currently available information. The forward-looking statements include information concerning the Company's possible or assumed future results of operations, and the Company's actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this press release was issued. The Company undertakes no duty to update any forward-looking statements to conform the statements to actual results or changes in the Company's operations. SOURCE: Chemtura Corporation Chemtura Corporation Investor Relations Stephen Forsyth, 203-573-2213 or Media Relations John Gustavsen, 203-573-3224Copyright Business Wire 2010
