PHILADELPHIA, May 25, 2015 (GLOBE NEWSWIRE) -- Chemtura Corporation (NYSE:CHMT) (Euronext:CHMT) and Tosoh Corporation today announced that the companies have signed a letter of intent establishing the framework for a long-term relationship for brominated flame retardant products and technologies in Japan.
Under the letter of intent, Tosoh would have the exclusive right to promote and sell Chemtura's Emerald Innovation®1000 flame retardant products to Japanese customers. Tosoh would also be granted a license to manufacture Emerald Innovation®1000 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.
Vimal Sharma, Vice President and General Manager of Chemtura's Great Lakes Solutions business, and Katsumi Mineshige, Associate Director and Senior General Manger of Tosoh, jointly announced that both Chemtura and Tosoh remain committed to innovate new technologies and to provide world-class products that increase fire safety in the electronics, construction and transportation markets while minimizing environmental impact. Japan is on the cutting edge of use of these technologies, and so is an ideal region to promote these products.
Mr. Sharma said, "It is our privilege to work with Tosoh in Japan. Tosoh is recognized both for the quality of their products and for their long-term relationships with Japanese automakers." Mr. Mineshige added, "This relationship will be positive for Tosoh, since it gives us access to Chemtura's innovative technologies for brominated flame retardants."
Completion of the arrangements described in the letter of intent is subject to satisfaction of each party's corporate requirements, including execution of customary definitive agreements between the parties.
Chemtura Corporation, with 2014 sales of $2.2 billion, is a global manufacturer and marketer of specialty chemicals. Additional information about Chemtura is available at www.chemtura.com.
Tosoh Corporation
Tosoh is one of the largest chlor-alkali manufacturers in Asia. The company supplies the plastic resins and an array of the basic chemicals that support modern life. Tosoh's petrochemical operations supply ethylene, polyethylene, and functional polymers, while its advanced materials business serves the global semiconductor, display, and solar industries. Tosoh has also pioneered sophisticated bioscience systems that are used for the monitoring of life-threatening diseases. In addition, Tosoh demonstrates its commitment to a sustainable future in part by manufacturing a variety of eco-products.