MIDDLEBURY, Conn. (April 29)—Crompton Corp. reported 27-percent higher sales of EPDM rubber in the first quarter, mainly as a result of higher unit volume, and added chairman to President and CEO Robert L. Wood's duties.
Crompton did not issue details of its earnings on EPDM, which is positioned alongside its more profitable thermoplastic polyurethanes business within a Polymers reporting segment. Overall, Crompton's Polymers business recorded a 19-percent year-on-year sales rise to $81.2 million. The increase, it said, reflected higher unit volumes and a favorable foreign currency translation. Operating profit in Polymers rose 10 percent to $10.2 million as increased unit volumes and cost saving initiatives offset higher raw material and energy costs, Crompton said.
Naming Wood chairman coincides with former Chairman Vincent A. Calarco's retirement from the board of directors. Wood, 50, joined Crompton earlier this year after more than 27 years at Dow Chemical Co.