Rohm and Haas Fourth-Quarter Earnings Tumble
Chemical maker Rohm and Haas, which is locked in a merger dispute with suitor Dow Chemical, said on Monday its fourth-quarter profit fell as the global economic slowdown hurt demand for its paints, coatings and electronic materials.
Net income in the quarter was $32m, or 17 cents a share, compared with a year-ago profit of $180m, or 91 cents a share.
Excluding items, the company posted earnings of 69 cents a share, down from 90 cents a share, a year earlier.
Dow, in July, agreed to acquire rival Rohm and Haas for $15.3bn, in a bid to expand its speciality chemicals business.
But last month Dow said it would not close the deal on schedule in light of deteriorating economic conditions and the failure of a key joint venture – the proceeds of which were to fund the Rohm and Haas deal.
Rohm and Haas has sued Dow in a bid to force the largest US chemical maker to close the deal.
By Euan Rocha, Reuters.
source: http://www.chemicals-technology.com
Net income in the quarter was $32m, or 17 cents a share, compared with a year-ago profit of $180m, or 91 cents a share.
Excluding items, the company posted earnings of 69 cents a share, down from 90 cents a share, a year earlier.
Dow, in July, agreed to acquire rival Rohm and Haas for $15.3bn, in a bid to expand its speciality chemicals business.
But last month Dow said it would not close the deal on schedule in light of deteriorating economic conditions and the failure of a key joint venture – the proceeds of which were to fund the Rohm and Haas deal.
Rohm and Haas has sued Dow in a bid to force the largest US chemical maker to close the deal.
By Euan Rocha, Reuters.
source: http://www.chemicals-technology.com
