Chemtura Announces Intent to Acquire Kaufman Holdings
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Chemtura to Gain Strong Positions in High-Growth Lubricants for CFC-Free Refrigeration Compressors and High-Purity Synthetic Lubricants
MIDDLEBURY, Conn. & FORDS, N.J.-- Dec. 21, 2006--Chemtura Corporation (NYSE: CEM) and Kaufman Holdings Corporation announced today that they have signed a letter of intent for Chemtura to acquire Kaufman's stock in a cash transaction expected to close in the first quarter of 2007. Terms of the transaction, which is subject to final negotiations and regulatory approval, were not disclosed.
"Through this transaction, Chemtura would gain strong positions in two exciting new markets: high-growth lubricants for CFC-free refrigeration compressors and high-purity synthetic lubricants," said Chemtura Chairman and CEO Robert L. Wood.
"Chemtura has the global scale and specialty chemical expertise needed to maximize the potential of these dynamic businesses," said Kaufman President and CEO Alex Kaufman.
Kaufman is a privately-held corporation with approximately 300 employees and 2006 revenues in excess of $200 million. It has manufacturing facilities in Fords and East Hanover, N.J. and Oakville, Canada.
Kaufman includes two operating companies, 1) Hatco Corporation, a worldwide leading producer of polyol esters used for technically demanding synthetic lubricant applications, including aviation turbine oils and lubricants for CFC-free refrigeration compressors; and 2) Anderol, Inc., a worldwide leader in high-purity, synthetic lubricants used in demanding aviation and industrial applications such as compressors, bearings, gears and food-grade machinery.
Kaufman Holdings Corporation
Kaufman Holdings Corporation is a leading producer of specialty chemicals for use in the automotive, aviation, refrigeration, industrial, cosmetic and personal care markets. It serves customers and markets through a global network of integrated sales, production, research, technical service and distribution facilities.
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
Kaufman Holdings Corporation
David J. Mason,
732-738-3651
SOURCE: Chemtura Corporation
