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Stock Market & Financial Investment News

News Breaks
June 6, 2014
04:55 EDTCHMT, CHMT, CHMTChemtura management to meet with Piper Jaffray
Meetings to be held in San Francisco on June 10 and in Los Angeles on June 11 hosted by Piper Jaffray.
News For CHMT From The Last 14 Days
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November 19, 2014
10:56 EDTCHMTChemtura downgraded to Hold from Buy at Topeka
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November 14, 2014
16:52 EDTCHMTGreenlight Capital gives quarterly update on stakes
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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.

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