Chemtura (CHMT) Adds $150M to Common Stock Buyback Plan

Chemtura (NYSE: CHMT) disclosed the following on Tuesday

As previously disclosed, on October 15, 2014, the Board of Directors of Chemtura Corporation (“Chemtura” or the “Company”) authorized the Company to repurchase shares of the Company’s common stock in an amount not to exceed $500 million conditioned upon the sale of our Chemtura AgroSolutions business (the “October 2014 Authorization”). On November 3, 2014, we completed the sale of our Chemtura AgroSolutions business to Platform Specialty Products Corporation. The October 2014 Authorization expires on December 1, 2015. As of August 17, 2015, there remained approximately $36 million under the October 2014 Authorization.

On August 18, 2015, the Board authorized an increase to the October 2014 Authorization by $150 million, up to $650 million in the aggregate when combined with the October 2014 Authorization, and extended the program to December 1, 2016. With the additional authorization, there is approximately $186 million available for share repurchases under the October 2014 Authorization. The shares are expected to be repurchased from time to time through open market purchases. The program, which does not obligate us to repurchase any particular amount of common stock, may be modified or suspended at any time at the Board’s discretion. The manner, price, number and timing of such repurchases, if any, will be subject to a variety of factors, including market conditions and the applicable rules and regulations of the Securities and Exchange Commission.

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