MOSCOW (MRC) -- Chemtura Corp. (CHMT) and Tosoh Corp. announced that they have signed a letter of intent establishing the framework for a long-term relationship for brominated flame retardant products and technologies in Japan, said the company.
Under the letter of intent, Tosoh would have the exclusive right to promote and sell Chemtura's Emerald Innovation1000 flame retardant products to Japanese customers. Tosoh would also be granted a license to manufacture Emerald Innovation1000 products for sale to Japanese customers.
Tosoh will bring its proprietary production technologies to support the quality-conscious Japanese market. Emerald Innovation 1000 products, developed and manufactured by Chemtura, are designed to replace decabromodiphenylether and decabromodiphenylethane in various end-use markets.
Financial terms or timelines for the signing of a definitive agreement were not disclosed.
Chemtura produces petroleum additives and polyester polyols as well as thermoplastic polyurethanes and urethane pre-polymers. It also produces organometallics and bromine products, many of which are used as flame retardants in applications including insulation foam and electronics.
As MRC informed earlier, in Q1 2015 Chemtura reported net sales of USD438 million and net earnings from continuing operations on a GAAP basis of USD21 million, or USD0.30 per diluted share. Net earnings from continuing operations on a
managed basis were USD20 million, or USD0.29 per diluted share.
Tosoh is one of the largest chlor-alkali manufacturers in Asia. The company supplies the plastic resins and an array of the basic chemicals. Tosoh's petrochemical operations supply ethylene, polyethylene, and functional polymers, while its advanced materials business serves the global semiconductor, display, and solar industries.
MRC