WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--
Great Lakes Solutions, a business of Chemtura Corporation (NYSE Euronext: CHMT), announces a price increase of up to 20 percent across its bromine-based businesses, effective immediately or as soon as contracts allow.
This price increase is necessary to restore reinvestment economics across the bromine-based businesses and to address significant year-over-year raw material inflation.
Great Lakes Solutions has shown a strong commitment to the industry. Having invested approximately $150 million in its South Arkansas facilities and continuing to invest nearly $200 million in support of its operations in India, Great Lakes Solutions reinforces its commitment to become the most geographically diverse global supplier of bromine and brominated derivatives in the world.
“We have demonstrated leadership in bringing innovative greener products to our customers, specifically in styrenic foam insulation, electrical and electronics, and the growing energy sector applications. This increase is essentially to enable Great Lakes Solutions to continue to invest to insure long-term supply of bromine and brominated derivatives for critical applications,” said Keith DuPont, vice president and general manager of Great Lakes Solutions.
Record high price levels for benzene in both the U.S. and Europe have been driving inflation through the supply chain, impacting a variety of raw materials. “Additionally, very low inventory levels for many commodities have increased the volatility of pricing across several categories. And while we are all aware of the impact of shale gas on U.S. energy, the reality is that natural gas pricing is now double what it was at this time last year, driving energy costs up,” DuPont said.
Great Lakes Solutions
Great Lakes Solutions, a Chemtura business, is a global and innovative leader in safe and cost-efficient flame retardant products and solutions and brominated performance products. Additional information concerning us is available at www.greatlakes.com.
Chemtura Corporation, with 2012 sales of $2.6 billion(1), is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com.
(1) 2012 net sales of $2.6 billion reflects discontinued operations treatment for the pending sale of Chemtura's Antioxidants business.
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Amy Lamott, +1-765-497-6332