Company - News & Events - April 29, 2005
April 29, 2005
(Crompton Corporation and Great Lakes Chemical Corporation have merged since this announcement to form Chemtura)
MIDDLEBURY, Conn.--(BUSINESS WIRE)--April 29, 2005--Crompton Corporation (NYSE: CK) today announced that the company has completed the formation of a polymer processing equipment joint venture, Davis-Standard LLC (D-S LLC), with Hamilton Robinson LLC, a private equity firm, based in Stamford, Conn.
D-S LLC, headquartered in Pawcatuck, Conn., combines Crompton's Davis-Standard business and Hamilton Robinson's Black Clawson Converting Machinery Company (BCCM) and has approximate annual revenues of $220 million with Crompton as the majority owner. The joint venture will be classified in Crompton's financials as an equity investment.
"We are very pleased to announce the completion of this transaction and believe the joint venture will benefit all of the parties involved," said Crompton Chairman and CEO Robert L. Wood.
About Davis-Standard LLC
Davis-Standard LLC has facilities in Pawcatuck, Conn.; Somerville, N.J.; and Fulton, N.Y.; as well as in Germany and the UK. The business employs approximately 810 people. Davis-Standard LLC is a world leader in the manufacture and supply of rubber and plastics extrusion equipment and industrial blow-molding machines. For more information, visit www.davis-standard.com.
About Crompton Corporation
Crompton Corporation, with 2004 sales of $2.5 billion, is a producer and marketer of specialty chemicals and polymer products. Additional information concerning Crompton Corporation is available at www.cromptoncorp.com.
About Hamilton Robinson LLC
Hamilton Robinson LLC is a leading middle-market private equity investor, which since 1984 has successfully backed independent management teams in manufacturing, service, and media businesses throughout North American and Europe. For more information, visit www.hrco.com.
