PHILADELPHIA—Polyurethane additive maker Chemtura Corp. reported net sales of $609 million during the second quarter of 2014—a 3 percent increase on the same period in 2013.
The company's adjusted EBITDA in second quarter of 2014 was $84 million, compared with $83 million in the second quarter of 2013.
Craig Rogerson, Chemtura CEO, said sales in his firm's Industrial Performance Products division increased by $5 million compared with the second quarter of 2013 to $259 million. The division which includes polyurethane products saw a $4 million increase in sales volume and $1 million in higher prices in the quarter.
Rogerson said “increased customer demand for our urethane products, particularly industrial foam” fueled the uptick. However, average selling prices for urethanes decreased in the quarter.
The company's Industrial Engineered Products segment net sales increased by $9 million to $201 millon or 4 percent. This reflects a $14 million increase in sales volume and $2 million from favorable currency effects. These were offset by $7 million lost through lower selling prices. The division includes brominated flame retardants and tin-based specialty products.
Net sales for urethanes in the quarter were $76 million, up 2.8 percent from $72 million in the same quarter in 2013. In the first half of 2014, polyurethane sales were $152 million compared with $144 million for the first half of 2013, a 5.6 percent increase. The company does not break out EBITDA for the division.