11 May 2005
Middlebury, Connecticut--Crompton Corp. and Great Lakes Chemical Corp. will christen their merged businesses Chemtura when the merger is finalised later this year.
"We selected the name 'Chemtura' to represent the chemical company of the future, an organization whose vision is to become the world's best specialty chemicals company," said Crompton chairman and CEO Robert Wood, who will serve in the same capacity for the new entity.
The name was selected by a committee made up of Crompton and Great Lakes senior leaders and communications personnel, from a list drawn up by Siegel & Gale, a New York City firm that specializes in brand strategy and identity.
As a Delaware corporation, Crompton must abide with state law requiring changes to its certificate of incorporation, including a name change, must be approved by a majority of shareholders entitled to vote. Crompton shareholders will vote on whether to approve the Chemtura name at the same time shareholders of both companies vote on the merger.
Crompton and Indianapolis-based Great Lakes Chemical agreed in March to merge in a stock-swap transaction valued at $1.8 billion. Crompton shareholders will own 51-percent of the merged company, the firms said. The new business will have combined pro forma 2004 revenues of more than $4.1 billion and a market capitalization of nearly $3.2 billion, the companies said.
Press release from Great Lakes
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