Crompton Corp. and Great Lakes Chemical Corp. announced last week that they plan to adopt the name Chemtura Corp. following the completion of their proposed merger. Officials said the name is a combination of the words chemical and future.
Crompton and Great Lakes announced their proposed merger in March. U.S. anti-trust regulators declined to object to the deal, but the companies are still awaiting clearance from European authorities. If approved, the combination would create a $3.7 billion specialty chemical company that is one of the worlds largest suppliers of chemicals to the lubricants industry.
We selected the name Chemtura to represent the chemical company of the future, an organization whose vision is to become the worlds best specialty chemicals company, said Crompton Chairman and Chief Executive Officer Robert L. Wood, who will hold the same posts in the merged company.
The companies said they chose the new name with assistance from Siegel & Gale, a New York City firm specializing in brand strategy and identity. The firm interviewed business heads, financial analysts, customers and employees before offering several suggestions. A committee of senior leaders and communications personnel picked Chemtura.
Crompton is based in Middlebury, Conn., but incorporated in Delaware and therefore must abide by Delaware law concerning business name changes. In this case the law requires, among other steps, approval by Crompton shareholders. Great Lakes is based in West Lafayette, Ind., and the name change does not require approval of its shareholders.
The companies expect the merger to be completed by mid-year.