GREENWICH, Conn. (July 26)—Crompton Corp., parent of rubber industry suppliers Uniroyal Chemical Corp., OSI Specialties, Witco and Davis-Standard, suffered a 66-percent drop in net earnings for the second quarter, as sales fell 10 percent and operating expenses rose. Second-quarter earnings fell to $13.9 million, on sales of $724 million. For the first half, Crompton's net earnings of $29.7 million were 58 percent lower than a year earlier, while sales of $1.46 billion were 7 percent lower. Crompton earlier announced its intention to reduce operating costs by about $60 million by the end of 2002 by reducing payroll, consolidating facilities and improving procurement and working capital control. Among the company's operations, rubber chemicals sales decreased 16 percent; urethane chemicals sales fell 5 percent; EPDM sales declined 9 percent; urethane polymer sales fell 11 percent; and polymer processing equipment sales plunged 27 percent.
Crompton earnings, sales drop in second quarter
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].