Crompton, Great Lakes Chemical to change name after merger
Once their merger is complete, the company created by the Crompton Corp. and Great Lakes Chemical Corp. combination will be known as "Chemtura" (pronounced chem-CHOOR-a) Corp...
MIDDLEBURY, CT, & INDIANAPOLIS, May 9, 2005 (BUSINESS WIRE) -- Once their merger is complete, the company created by the Crompton Corp. and Great Lakes Chemical Corp. combination will be known as "Chemtura" (pronounced chem-CHOOR-a) Corporation.
"Selecting a new name is an important milestone in the process of forming our new company," said Crompton Chairman and CEO Robert L. Wood, who will serve in the same capacity for Chemtura. "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.
"Our new name will reflect that our merger has created a new company," said Wood. "We will not be Crompton. We will not be Great Lakes. We will be the Chemtura team, focused on the future."
To develop a new name, Crompton and Great Lakes employed Siegel & Gale, a New York City firm that specializes in brand strategy and identity. The firm's process included conducting extensive interviews with business heads, financial analysts, customers and groups of employees of both companies. The firm suggested several names, and a committee made up of Crompton and Great Lakes senior leaders and communications personnel selected "Chemtura."
"I am very excited about having a new name," Wood said. "It will give the combined company a fresh start and the opportunity to build a world-class organization that will continue to learn and evolve and that, as a team, is focused on one goal: to be the best."
As a Delaware corporation, Crompton must abide with the Delaware law requirement that 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 or not to approve the Chemtura name at the same time that shareholders of both companies vote on the merger. The merger is expected to close by mid-year.
Crompton Corp. (www.cromptoncorp.com), with 2004 sales of $2.5 billion, is a producer and marketer of specialty chemicals and polymer products.
Great Lakes Chemical Corp. (www.greatlakes.com) is the world's leading producer of certain specialty chemicals for such applications as water treatment, household cleaners, flame retardants, polymer stabilizers, fire suppressants, and performance products.