Chemtura Announces Long-Term Bromine Collaboration with TETRA Technologies |
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Chemtura Corp.
199 Benson Rd.
Middlebury, CT, 06749
USA
Press release date: December 20, 2006
MIDDLEBURY, Conn.-- Dec. 20, 2006--Chemtura Corporation (NYSE: CEM) announced today that it has signed long-term supply and purchase agreements with TETRA Technologies, Inc. (NYSE: TTI) for a number of products, including bromine.
Under the agreements, which are each 20 years or more in length:
o TETRA will acquire its bromine requirements from Chemtura
o TETRA will make a significant investment in the construction of a processing facility on property adjacent to Chemtura's El Dorado, Arkansas facility for the extraction of calcium chloride and other salts from tail brines purchased from Chemtura
o TETRA will make an investment in Chemtura's bromine operations
o TETRA will sell sodium chloride and magnesium hydroxide extracted from the tail brine to Chemtura for use as a feedstock for chlorine production and as a flame retardant and/or neutralization agent, respectively and
o Chemtura will have the right to participate in future development or purchase of TETRA's brine leases should TETRA elect to jointly develop or divest.
"These agreements enhance Chemtura's strong global position in bromine and brominated derivatives and demonstrate our commitment to this important product family," said Chemtura Chairman and CEO Robert L. Wood. "This is the first step in a series of improvements that allow us to fully utilize our valuable brine resource to reduce our overall cost position.
"This collaboration is well aligned with our long-term corporate goals and will create benefits and efficiencies that will be realized for many years to come."
Chemtura noted that bromine and bromine-based intermediates are used in a wide range of applications, including electronic devices, furniture foam, building and construction, oil well completion fluids, soaps and detergents, rubber products, medicines and pharmaceuticals.
About TETRA Technologies, Inc.
TETRA is an oil and gas services company, including an integrated calcium chloride and brominated products manufacturing operation that supplies feedstocks to energy markets, as well as other markets. TETRA is a global company with employees and operations on five continents.
Chemtura Corporation
Chemtura Corporation, with pro forma 2005 sales of $3.9 billion, is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com
CONTACT:
Chemtura Corporation
Investors:
William Kuser,
203-573-2213
Media:
Mary Ann Dunnell,
203-573-3034
SOURCE: Chemtura Corporation
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