|[December 04, 2012]
Chemtura Announces Joint Development Agreement With Caterpillar For Duracast® Technology Application
PHILADELPHIA --(Business Wire)--
Chemtura Corporation (NYSE/Euronext Paris: CHMT) today announced it has
entered into a joint development agreement with Caterpillar Inc. for
novel applications of Chemtura's Duracast® hot-cast urethane pre-polymer
technology for construction and mining equipment.
"Duracast® technology is an ideal material for this type of innovative
program with varied end-use possibilities. Its versatility and superior
abrasion characteristics lend it to a wide range of potential new
applications," said Matthew Hellstern, general manager and president of
Chemtura's Urethanes business. "Its ease of use, low-waste
characteristics, and adaptability to automation yield higher
productivity, and efficiency, providing significant added value to
end-use customers in niche segments. The multiyear joint development
program supports Chemtura's philosophy to bring greater value to our
customers through product and application innovation."
The joint development agreement focuses on several novel applications in
construction and mining equipment where urethanes have not previously
been used, with the objective of providing significant value through
productivity and efficiency gains. Initial products to be jointly
developed include non-pneumatic tires for certain Cat machines.
Prototype development is under way with field evaluation expected to
begin by early 2013.
"Caterpillar is constantly looking for ways to differentiate our
products and provide solutions that hel make our customers more
successful, and this partnership with Chemtura is an example of that
commitment," said Greg Folley, vice president of Caterpillar's
Remanufacturing and Components Division. "We're focusing first on tires
for applications in some of the harshest operating environments.
Non-pneumatic tires have proven durable in job sites like underground
mining, where there is a high risk of cuts and punctures. If we can give
our customers another choice that is both durable and sustainable -
because urethane tires have high re-usability potential - then we're
delivering value to our customers."
Under the agreement, other potential applications of Duracast®
technology may include debris guards for use behind tires, ground
engagement accessories and wear reduction coatings.
Chemtura Corporation, with 2011 sales of $3.0 billion, is a global
manufacturer and marketer of specialty chemicals, agrochemicals and
pool, spa and home care products. Additional information concerning
Chemtura is available at www.chemtura.com.
This document includes forward-looking statements within the meaning
of Section 27(a) of the Securities Act of 1933, as amended and Section
21(e) of the Exchange Act of 1934, as amended. Our forward-looking
statements include information concerning possible or assumed future
results of operations, and our actual results may differ significantly
from the results discussed. In particular, there can be no
assurance that the parties will successfully develop or achieve the
milestone events on any of the products or that the parties will perform
their obligations under the joint development agreement as anticipated.
While the parties are bound to proceed with certain obligations, the
agreement contains provisions under which parties can reduce or
eliminate their obligations to develop products, and no assurance can be
given that either party will proceed with the development and
commercialization of any product. Other factors that may affect the
development and commercialization of products are discussed in
Chemtura's Annual Report on Form 10-K for the year ended December 31,
2011, and in other filings made with the Securities and Exchange
Commission. Our forward-looking statements are based on our
estimates and assumptions and on currently available information.
Forward-looking information is intended to reflect opinions as of the
date this press release was issued. We undertake no duty to update any
forward-looking statements to conform the statements to actual results
or changes in our operations.
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