Witco Corporation to Keep Petroleum Additives Business.
Witco Corporation (NYSE:WIT) today announced that, in anticipation of its pending merger with Crompton & Knowles Corporation (NYSE:CNK), it intends to withdraw the offer to sell its Petroleum Additives business.
Witco originally announced its intention to sell this business on May 5, 1999.
E. Gary Cook, Witco's chairman, president and chief executive officer stated, "The offering process has revealed significant interest in this business in the market place. However, the June 1 announcement of our pending merger with Crompton & Knowles has prompted us to reevaluate our outlook on the Petroleum Additives business. We have determined that it makes more sense to keep this business as part of the new combined business portfolio."
Witco's Petroleum Additives business sells calcium, magnesium, sodium and barium sulfonates manufactured at West Hill, Ontario; Amsterdam, Holland; Gretna, Louisiana and Petrolia, Pennsylvania; and Petromix(R) metalworking additive packages manufactured at Gretna. Primary markets served by the business include marine and metal working lubricants.
Witco Corporation, headquartered in Greenwich, Connecticut USA, is a global manufacturer of specialty chemicals providing high value products for a wide range of customers around the world. The company's 1998 sales were $1.9 billion. On June 1, 1999, Witco Corporation and Crompton & Knowles Corporation announced that their boards of directors had approved a definitive agreement for a tax-free, stock-for-stock merger of equals. The merger is expected to be completed in the third quarter of 1999.
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|Date:||Jun 28, 1999|
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