2006 - Present
In January Chemtura acquires Kaufman Holdings Corporation, which includes two successful operating companies, Hatco Corporation and Anderol Inc., which fit in very well with Chemtura´s successful Petroleum Additives and lubricants business.
Chemtura enters bankruptcy as a debtor-in-possession under the protection of the United States Bankruptcy Court for the Southern District of New York.
Chemtura emerges from bankruptcy in November. "Today marks a new beginning for our company, and our employees, customers and suppliers," said Craig A. Rogerson, Chemtura´s Chairman, President and Chief Executive Officer. "With the
successful completion of our financial restructuring, we have significantly reduced our debt, improved our cost structure and resolved a considerable amount of environmental and other liabilities."
Chemtura enters into a joint venture agreement with UP Chemical Co., Ltd. to form DayStar Materials LLC, a South Korean manufacturer and marketer of high-purity metal organic precursors for the rapidly growing LED market. The joint venture leverages Chemtura´s capabilities and technology related to organometallics specialty chemistry and strengthens its position in that market.
Chemtura begins implementation of a portfolio management strategy designed to focus the Company on its core business segments. As part of that strategy, on May 1st Chemtura completes the sale of its Antioxidant and UV Stabilizers business, including dedicated manufacturing plants in the U.S. and Europe to affiliates of SK Capital Partners for $200 million.
On May 15 Chemtura announces it has acquired UP Chemical´s 50 percent stake in DayStar Materials, LLC, making Chemtura sole owner.
In October, Chemtura dedicates a new production plant for petroleum additives and urethanes in Nantong, China. The move helps Chemtura create value for customers and other stakeholders by supporting its business growth with increased manufacturing capacity in faster-growing regions while also demonstrating its commitment to customers in China and the greater Asia-Pacific region.
Continuing the transformation of Chemtura´s portfolio of businesses, the Company completes the divestiture of two business units in 2014, beginning with the sale of its Consumer Products business to KIK Custom Products for an adjusted purchase price of $300 million. The sale includes BioLab´s pool products businesses in North America, South Africa and Australia/New Zealand, its European division known as Bayrol, as well as its household care business in North America and several dedicated manufacturing plants. In November, ChemturaAgrosolutions is sold to Platform Specialty Products for $1 billion. Chemtura will continue to produce agricultural chemicals under supply agreements with Platform.
Chemtura completes a Dutch Auction tender offer in December, repurchasing more than 12 million shares of its common stock, thus returning approximately $300 million of value to shareholders.
Chemtura increases its share repurchase program by $150 million. Since stock repurchase activity began in 2011, Chemtura has distributed more than $860 million to shareholders through the well-timed repurchase of more than 1/3 of the Company´s outstanding shares.