Chemtura Corporation (ticker symbol: CHMT), a U.S. global specialty chemicals company, announced its Fast Path cross-listing on NYSE Euronext in Paris today. Chemtura Corporation is the first NYSE-listed company in 2012 to take advantage of this streamlined and cost-effective process and the fourteenth to do so since the facility was made available by NYSE Euronext in 2008.
The Fast Path listing enables US-listed, non-EU companies to use their existing filings with the Securities and Exchange Commission (SEC) for a listing on NYSE Euronext’s European market. This listing process can be used in connection with various transactions, including initial public offerings, follow-on capital raisings, spin-offs and direct listings without capital raising.
Chemtura Corporation develops, manufactures and markets innovative application-focused specialty chemical solutions and consumer products. The company holds a leading position in diversified industries, including automotive, electronics, pool and spa chemicals, agriculture and transportation. With approximately 4,500 employees worldwide, Chemtura Corporation manufactures products at 31 sites and sells products in over 100 countries. The Europe, Middle East and Africa region represented 30% of Chemtura’s 2011 sales.
“A Fast Path listing is yet another example of how NYSE Euronext enables companies to connect to other markets more effectively. We are delighted to welcome Chemtura Corporation to the community of NYSE Euronext listed companies”, said Diederik Zandstra, Head of International Listings at NYSE Euronext. “This operation will enable the company to gain access to the dynamic and vibrant European market, and increase its visibility enabling it to expand its operations and reinforce its global identity ”.
Craig A. Rogerson, Chairman, President and CEO of Chemtura Corporation, commented: “We are pleased to be cross-listing on NYSE Euronext in Paris. There are many exciting investment opportunities for us in Europe. All are important steps in building recognition as a truly global enterprise”.
Chemtura Corporation’s Common Stock was admitted to listing and trading on NYSE Euronext by direct listing of the existing 100,145,032 shares of which 98,665,045 are outstanding, making up the company's issued capital stock as of March 31, 2012.
The admission price of the company’s shares was set at €12.18 each. Chemtura Corporation’s market capitalization on the day of admission amounted to €1.22 billion.