PHILADELPHIA, Jan. 30, 2015 (GLOBE NEWSWIRE) -- Chemtura Corporation (NYSE:CHMT) (Euronext Paris:CHMT) ("Chemtura" or the "Company") today announced that it will issue after the market closes on Wednesday, Feb. 4, 2015, preliminary unaudited net sales, operating income and Adjusted EBITDA for each reporting segment and for the Company for the fourth quarter and year ended Dec. 31, 2014, excluding the gain on the sale of our Chemtura AgroSolutions business and a fourth quarter loss on a pension settlement. In addition, to assist investors in understanding our remaining Company's performance, we will also provide adjustments to eliminate the activities related to the Chemtura AgroSolutions business for the calendar years 2014, 2013, and 2012 together with the four calendar quarters of 2014 and the comparative fourth quarter of 2013.
This preliminary unaudited financial information, and the adjustments, are being provided to facilitate discussion of operating performance trends and outlook at Chemtura's Investor Day, scheduled to be held at The Westin New York Grand Central, 212 E. 42nd St., New York from 1 to 5 p.m. on Thursday, Feb. 5, 2015.
As previously announced, we will release our fourth quarter 2014 earnings and file our Annual Report on Form 10-K for the period ended Dec. 31, 2014, after the market closes on Feb. 25, 2015. We will host a teleconference to review these results on Thursday, Feb. 26, 2015 at 9 a.m. Eastern time.
Commenting on recent investor questions regarding the impact of the lower oil prices and foreign exchange rate volatility, Mr. Craig A. Rogerson, Chairman, President, and CEO of Chemtura, noted, "While the stronger U.S. dollar will reduce the value of our foreign currency denominated sales when translated, our prior historic experience of exchange rate volatility suggests that the impact on our profitability is smaller and unlikely to be significant due to the currency footprint of our global operations. The decline in the price of oil offers the opportunity for lower raw material input costs and in the medium-term potentially more miles driven, increasing demand for our products sold in lubricant applications. Reduced oil exploration will potentially reduce demand for Great Lakes Solutions clear brine fluid products, but such reductions have not yet been seen. Clear brine fluids represent less that 3 percent of our consolidated net sales. On balance, we expect lower oil prices to be a net benefit to Chemtura's profitability in 2015."
Mr. Rogerson continued, "It remains uncertain when the demand for bromine and bromine derivatives and their selling prices will improve but conditions did not improve in 2014. We announced last quarter that we are undertaking manufacturing and SG&A cost reduction initiatives for improved profitability in 2015 without reliance on improvement in bromine market conditions. Across Chemtura, these actions are anticipated to deliver $50 million of cost reductions during 2015."
Chemtura Corporation, with 2013 net sales of $2.2 billion,1 is a global manufacturer and marketer of specialty chemicals. Additional information concerning us is available at www.chemtura.com.
1 2013 net sales of $2.2 billion reflects discontinued operations treatment for the sale of Chemtura's Antioxidants and Consumer Products businesses.
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:
- Our ability to implement our growth strategies in rapidly growing markets and faster growing regions;
- Our ability to execute timely upon our portfolio management strategies and mid and long range business plans;
- The successful separation of the Chemtura AgroSolutions business from the rest of our businesses;
- Our ability to execute timely on our restructuring plan and achieve the expected cost reductions;
- Exchange rate and other currency risks;
- Risks associated with strategic acquisitions and divestitures; and
- Other risks and uncertainties described in our filings with the Securities and Exchange Commission, including Item 1A, Risk Factors, in our Annual Report on Form 10-K.
These statements are based on our estimates and assumptions and on currently available information. Our forward-looking statements include information concerning possible or assumed future results of operations, and our 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. We undertake no duty to update any forward-looking statements to conform the statements to actual results or changes in our operations.
CONTACT: Matt Sokol Director, Investor Relations & Corporate Development +1 (203) 573-2153