New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 17, 2014
15:07 EDTCHMTChemtura weakness a buying opportunity, says Gabelli
News For CHMT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
November 19, 2014
10:56 EDTCHMTChemtura downgraded to Hold from Buy at Topeka
Subscribe for More Information
November 14, 2014
16:52 EDTCHMTGreenlight Capital gives quarterly update on stakes
Subscribe for More Information
November 13, 2014
08:29 EDTCHMTChemtura announces restructuring, cost reduction plan
Chemtura announced a restructuring plan to reduce manufacturing conversion costs by approximately $50M, or about 10% annually, eliminate approximately $15M of annual stranded costs arising from the previously announced sale of the Chemtura AgroSolutions business, and reduce selling, general and administrative costs by at least $12M annually. Despite the success of many of Chemtura's improvement initiatives, the Company faces continuing weak demand conditions in some of the market applications it serves, as well as excess capacity in bromine and certain organometallics. While the company expects the bromine industry and electronics market to recover and grow to new heights, that growth may not occur in the coming year. The company expects to incur approximately $37M in cash costs to implement the restructuring plan, recording the majority of this expense in 4Q14 and 1Q15. The cash expenditures associated with these actions will continue into 3Q15. The company anticipates that the full run rate of the manufacturing and SG&A savings will be embedded in its performance by the third quarter of 2015, with annual savings of approximately $50M for the calendar year of 2015. Of the $15M of annual stranded costs, the company anticipates having eliminated them by 2Q15 with approximately $3M being incurred in the 1Q15.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use