European authorities approve Crompton's merger with Great Lakes Chemical

June 28, 2005
Issue now goes before companies' shareholders on July 1...

MIDDLEBURY, CT, June 27, 2005 (BUSINESS WIRE) -- Crompton Corporation announced that it received formal clearance June 15 from the European competition authorities of its proposed merger with Great Lakes Chemical Corporation.

Shareholders of both companies will vote on the merger on July 1, 2005. The combined business will be a leader in plastics and petroleum additives, flame retardants and pool chemicals.

Under the deal, Crompton shareholders will own a 51 percent stake, and Great Lakes stockholders will receive about 2.2 shares of Crompton stock for each of their Great Lakes shares. The companies said that exchange was valued at $29.92 per share of Indianapolis-based Great Lakes. Along with the stock, Crompton also will assume about $250 million in Great Lakes debt.

Crompton Corporation (www.cromptoncorp.com), with 2004 sales of $2.5 billion, is a producer and marketer of specialty chemicals and polymer products. It has manufacturing facilities worldwide, including European plants in Belgium, Germany, Italy, the Netherlands and Britain.

###

Sponsored Recommendations

ArmorBlock 5000: Boost Automation Efficiency

April 25, 2024
Discover the transformative benefits of leveraging a scalable On-Machine I/O to improve flexibility, enhance reliability and streamline operations.

Rising Cyber Threats and the Impact on Risk and Resiliency Operations

April 25, 2024
The world of manufacturing is changing, and Generative AI is one of the many change agents. The 2024 State of Smart Manufacturing Report takes a deep dive into how Generative ...

State of Smart Manufacturing Report Series

April 25, 2024
The world of manufacturing is changing, and Generative AI is one of the many change agents. The 2024 State of Smart Manufacturing Report takes a deep dive into how Generative ...

SmartSights WIN-911 Alarm Notification Software Enables Faster Response

March 15, 2024
Alarm notification software enables faster response for customers, keeping production on track