Thursday, specialty chemicals producer Albemarle Corp. (ALB) said that it has entered into a series of strategic agreements with Chemtura Corp. The two parties entered into a long-term supply agreement under which Albemarle will supply Chemtura with certain requirements of BA-59P (Tetrabrom), DE-83P (Decabromodiphenyl oxide), Decabromodiphenyl ethane, N Propyl Bromide and Sodium Bromide. Albemarle will incur charges of around $4 million in the fourth quarter 2009 relating to the transfer of its brine mineral interests and the write-off of certain impacted bromine assets.
The company further stated that the two companies have also entered into a Settlement and Cross License Agreement that resolves pending litigation and grants Chemtura a license to sell Albemarle's proprietary Saytex 8010 flame retardant. Additionally, Albemarle will assign certain brine mineral interests in Chemtura's existing West Bromine Unit to Chemtura. Accordingly, Chemtura will assume Albemarle's obligations.
The settlement and cross license agreement are subject to the approval of the court presiding over Chemtura's Chapter 11 bankruptcy proceedings.
Tony Parnell, Albemarle's vice president of Polymer Solutions said, "We are pleased to enter into these agreements with Chemtura, and believe both companies and our respective customers will benefit from this strategic collaboration. The agreements further solidify Albemarle's global leadership position in bromine and bromine derivative technology."
ALB closed Thursday's regular trading at $37.92 down $0.15 or 0.39% on the NYSE. However, in the after hour trading the stock gained $37.95 up $0.03 0.08%.
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