MIDDLEBURY, Conn. (July 26)—Crompton Corp. plans to merge two of its largest divisions, Performance Chemicals and Elastomers and Plastics and Petroleum Additives, into a new business named Crompton Specialty Chemicals.
The move will streamline the company's communications and pool selling functions and best business practices from each unit, according to the polymer and chemical maker. Crompton should begin implementing the merger plan by the end of the third quarter.
For the second quarter the company reported earnings of $1.1 million on sales of $646.7 million compared to a loss of $9.1 million on sales of $532.9 million in 2003. For the first six months of the year, Crompton posted net earnings of $62 million compared to a net loss of $3.3 million. Sales for the period increased 19.8 percent to $1.27 billion.
The firm took charges of $4.4 million and $8.4 million for antitrust costs for the quarter and first half, respectively.