June 4, 2007
Chemtura scuttling factories in Italy and France
Middlebury-based chemical maker Chemtura Corp. said it will close two European factories and lay off upwards of 205 overseas workers as it restructures its antioxidants business. The factories are in Pedrengo and Ravenna, Italy, and Catenoy, France. The closure of the sites will cost Chemtura about $15 to $20 million in severance charges and between $30 and $35 million in accelerated depreciation. Chemtura, which had $3.7 billion in sales last year, blamed higher operational and raw materials costs for the restructuring.
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