South Arkansas bromine manufacturer part of $2.5 billion acquisition, 500 employees will benefit from deal

A spokeswoman for bromine manufacturer Great Lake Solutions said Monday at the Interstate Oil and Gas Compact Commission’s annual meeting in Little Rock that the recently announced acquisition of parent Chemtura Corp. will benefit company employees in south Arkansas.

Philadelphia chemical manufacturer Chemtura Corp. announced on Sept. 25 it had entered into an agreement to be acquired by Cologne, Germany-based chemical giant Lanxess in an all cash deal valued at $2.5 billion. Chemtura shareholders will receive $33.50 per share in cash for each outstanding share of common stock held, which represents an 18.9% premium to the stock’s closing share price of $28.18 on Sept. 23, 2016. The respective boards of both companies have unanimously approved the transaction.

“We are looking forward to be a part of the new company,” Patty Cardin, manager of public relations and government affairs for Great Lakes Solutions, said during a presentation at the IOGCC general session meeting where Gov. Asa Hutchinson was named chair.

Cardin said although the acquisition was announced only a week ago, Great Lake Solutions workers are excited about being part of Lanxess, which has nearly 17,000 employees across the global and annual revenues exceeding $8.8 billion. The deal with Philadelphia-based Chemtura is expected to close around mid-2017, subject to approval by the company’s shareholders and other regulatory approvals.

From its base of operations El Dorado-based Great Lakes has some 500 employees working at three bromine manufacturing plants in south Arkansas. The company is one of the world’s leading manufacturers of flame-retardant products and bromine derivatives.

In late 2014, Chemtura restructured management of Great Lake Solutions under new leadership as part of an overall companywide reorganization to cut stranded corporate costs and reduce manufacturing inefficiencies.

During her IOGCC presentation, Cardin provided a history of Great Lake Solutions operations in Union and Columbia counties in South Arkansas, saying the company is home to the second largest brine reserve in the world. She added that the company will continue to play an important role as a corporate citizen for local communities in the region.