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
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
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, 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.