Chemtura slides in Q1
Chemtura’s crop protection sales fell by 22.5% to $69 million in the first quarter of 2009. The renamed crop protection engineered products business suffered a $15 million decline from lower volumes and a $7 million impact from foreign currency transactions, partly offset by higher selling prices of $2 million. Despite the downturn, crop protection remained one of Chemtura’s best performing segments, with overall company sales down by 43%. The company filed for protection from creditors under Chapter 11 of the US Bankruptcy Code during the quarter ( Agrow No 564, p 2).