Witco Corporation to Keep Petroleum Additives Business.GREENWICH, Conn.--(BUSINESS WIRE)--June 28, 1999--
Witco Corporation (NYSE NYSE
See: New York Stock Exchange :WIT) today announced that, in anticipation of its pending merger with Crompton & Knowles Corporation (NYSE:CNK CNK Crash Nitro Kart (Playstation 2 video game)
CNK Coated Natural Kraft (MeadWestvaco paperboard)
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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 The city of Gretna is the parish seat of Jefferson Parish, in the US state of Louisiana.   Gretna is on the west bank of the Mississippi River, just east and across the river from uptown New Orleans. and Petrolia, Pennsylvania Petrolia is a borough in Butler County, Pennsylvania, United States. The population was 218 at the 2000 census. Geography
Petrolia is located at (41.017964, -79.718204)GR1. ; and Petromix(R) metalworking additive packages manufactured at Gretna. Primary markets served by the business include marine and metal working lubricants lubricants
preparations for the lubrication of passages to reduce frictional injury, e.g. oily preparations, including petroleum jelly, lanolin or water-soluble preparations such as methyl cellulose. .
Witco Corporation, headquartered in Greenwich, Connecticut Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2000 census, the town had a total population of 61,101. It is home to many hedge funds and other financial service companies that have left Manhattan. Of the $1. 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.