UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): April 4, 2007 (March 30,
2007)
Chemtura
Corporation
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction
of
incorporation)
|
|
1-15339
(Commission
file number)
|
|
52-2183153
(IRS
employer identification
number)
|
| |
|
199
Benson Road, Middlebury, Connecticut
(Address
of principal executive offices)
|
|
|
|
06749
(Zip
Code)
|
(203)
573-2000
(Registrant's
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
* * *
(b) Ms.
Karen
R. Osar retired as Executive Vice President and Chief Financial Officer,
effective March 30, 2007. On December 14, 2006, the Registrant announced that
Ms. Osar would be retiring on or about the end of the first quarter in
2007.
(c) Mr.
Kevin
V. Mahoney, currently Senior Vice President and Corporate Controller, has been
named Interim Chief Financial Officer, effective April 3, 2007. Information
pertaining to Mr. Mahoney may be found in Item 5.02(c) of the Registrant’s
Report on Form 8-K dated October 31, 2006, and is incorporated by reference
herein.
Item
8.01
Other Events.
Chemtura
Corporation announced today that it is implementing an industry-based business
model in order to improve performance and accelerate growth. The Company will
simplify its financial reporting structure from the current six units to four,
as shown on the attached organization chart, each led by a group vice president.
Each business will have responsibility for its own production facilities,
operational and financial forecasting, sourcing decisions, process excellence
initiatives, and technical development efforts. Organizational streamlining
is
expected to result in a reduction of the Company’s global workforce by
approximately 10 percent (620 positions), resulting in an annualized cost
reduction of approximately $50 million beginning in 2008. The Company expects
to
record charges relating to the restructuring in the range of $25-$35
million.
A
copy of
a press release announcing the restructuring is attached hereto as Exhibit
99.1
and is incorporated herein by reference.
Item
9.01
Financial Statements and Exhibits.
* * *
Exhibit
Number Exhibit
Description
99.1
Press
Release Dated April 4, 2007
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
Chemtura
Corporation
(Registrant)
|
| |
By:
/s/ Barry J. Shainman
Name:
Barry J. Shainman
Title:
Vice President and Secretary
|
Exhibit
Number Exhibit
Description
99.1
Press
Release Dated April 4, 2007
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2
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