Crompton Completes Divestiture of Refined Products Business
June 24 2005 - 1:08PM
Business Wire
Crompton Corporation (NYSE: CK) today announced that the company
has completed the divestiture of its Refined Products business to
Sun Capital Partners Group Inc. "We are very happy to announce the
completion of this transaction, which we believe will benefit all
parties," said Crompton Chairman and CEO Robert L. Wood. "Refined
Products is a very good business, but does not fit in with our
strategy to concentrate on our core specialty chemicals and polymer
products businesses. We are confident it will prosper with Sun
Capital Partners Group Inc." Refined Products had 2004 revenues of
approximately $265 million. Included in the sale are facilities in
Petrolia, Pennsylvania; and Amsterdam, Koog aan de Zaan and
Haarlem, the Netherlands. The business employs approximately 470
people. Refined Products is the world's largest dedicated supplier
of white oils, petrolatums, microcrystalline waxes and other
refined hydrocarbons. The products are used for personal care
items, such as creams and lotions, cosmetics and pharmaceutical
ointments, as well as for food processing, agricultural dust
suppression, polymer processing, telecommunications wire and cable,
and air-conditioning and refrigeration lubricants. Crompton
Corporation, with 2004 sales of $2.5 billion, is a producer and
marketer of specialty chemicals and polymer products. Additional
information concerning Crompton Corporation is available at
www.cromptoncorp.com. Sun Capital Partners Inc., a leading private
investment firm, focuses on leveraged buyouts and investments in
middle market companies that can benefit from its in-house
operating and management experience. Sun Capital affiliates have
invested in more than 80 companies since Sun Capital's inception in
1995, with combined sales in excess of $18 billion. Sun Capital has
offices in Boca Raton, Florida; Los Angeles; New York; and London.
More information about Sun Capital Partners is available on their
Web site at: http://www.SunCapPart.com. Forward-Looking Statement
Certain statements made in this release are forward-looking
statements that involve risks and uncertainties, including, but not
limited to, general economic conditions, the outcome and timing of
antitrust investigations and related civil lawsuits to which the
Company is subject, the ability to obtain selling price increases,
pension and other post-retirement benefit plan assumptions, energy
and raw material prices and availability, production capacity,
changes in interest rates and foreign currency exchange rates,
changes in technology, market demand and customer requirements, the
enactment of more stringent environmental laws and regulations, the
ability to realize expected cost savings under the Company's cost
reduction initiatives, the amount of any additional earn-out
payments from GE, the ability to reduce the Company's debt levels,
the risk that Great Lakes and the Company's businesses will not be
integrated successfully, the risk that the cost savings, cash flow
synergies and other synergies from the merger transaction may not
be fully realized or take longer to realize than anticipated,
potential disruption from the merger transaction making it more
difficult to maintain relationships with employees, customers or
suppliers, competition and its effect on pricing, third party
relationships and revenues, the failure of the stockholders of
either the Company or Great Lakes to approve the merger
transaction, and other risks and uncertainties detailed in the
Company's filings with the Securities and Exchange Commission.
These statements are based on the Company's estimates and
assumptions and on currently available information. The
forward-looking statements include information concerning the
Company's possible or assumed future results of operations, and the
Company's actual results may differ significantly from the results
discussed. Forward-looking information is intended to reflect
opinions as of the date of this release and such information will
not necessarily be updated by the Company.
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