Chemtura Suspends Dividend; Earnings Rise

Chemtura says it will suspend its dividend payment to “conserve liquidity and increase financial flexibility and options,” a move that will save $48 million/year in cash. The company did not say when or if it will restore the dividend. Chemtura says it has $107 million in cash on hand and a revolver facility of about $580 million available, enough to repay the $370 million in 7% senior notes it has due July 2009. Chemtura says it is also reducing inventories to free up cash reserves; decreasing planned 2008 capital expenditures by $25 million...

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