Chemtura AgroSolutions™, a business of Chemtura Corporation, debtor-in-possession, provided a progress report to its customers and the trade media on the progress the business is making despite challenging conditions in the agricultural industry worldwide.
Chemtura AgroSolutions started the year by opening a new global business headquarters in Lawrenceville, Georgia, just outside of Atlanta. "This created an exciting new environment from which to grow the business, improving the effectiveness of customer and supplier communications, university relations and recruiting, all leading to the achievement of faster business decisions," said Gregory E. McDaniel, President, Chemtura AgroSolutions.
Chemtura AgroSolutions also undertook a major rebranding effort, changing its name from Chemtura Crop Protection. "The new name and image better describe the direction of the business, the value it delivers today to its customers and it commits to continue to deliver, and its focus on providing more customer-aligned solutions," McDaniel said.
During the first quarter of 2010, overall, the business demonstrated considerable resolve in many of the regions of the world it serves despite continuing challenging conditions in the global agricultural industry. Many regions and customers are still feeling the effects of weak economies, lower commodity prices and the continued restriction in credit availability despite the limited global economic easing that has occurred. Chemtura AgroSolutions' first-quarter results also were impacted by one-time costs associated with business start-up and an ongoing internal review of customer incentive, commission and promotional payment practices.
Chemtura AgroSolutions net sales in the first quarter 2010 were just over $65 million, a modest decrease of 5 percent from the first quarter 2009 levels. Underpinning this achievement was revenue growth in three of the four regions of the world the business serves, led by North America, which demonstrated strong growth after a slow start to the season due to harsh weather conditions. Europe also saw harsh weather earlier this year but, with weaker economic conditions and credit availability concerns, it saw revenues decrease compared to the same quarter last year. In Latin America, revenues grew relative to the same period in 2009 in what is a highly competitive market, and the Asia / Pacific region also experienced revenue growth compared to the same quarter last year, resulting largely from investment in expanded customer service and support, operational excellence, as well as the continuing development of our marketing, sales and manufacturing capabilities in India.
"The business is able to withstand these difficult global conditions by listening more closely to its customers' needs, delivering the solutions and support they require, and backing these commitments with investments in people, facilities, and a platform for growth," McDaniel said.
Contacts:
Chemtura AgroSolutions
Susan Chung, 203-573-3336