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Great Lakes Chemical bought by Crompton, settles infringement lawsuit

March 09, 2005
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According to the Associated Press, polymer and specialty chemicals producer Crompton Corp. said Tuesday it has agreed to purchase Indianapolis-based Great Lakes Chemical Corp. in a stock swap transaction valued at $1.8 billion, including about $250 million of Great Lakes debt and minority interest. Crompton said the merger will create the third-largest U.S. specialty chemicals company, which will have combined pro forma 2004 revenue of more than $4.1 billion and a market cap of nearly $3.2 billion. Earlier in the week, Great Lakes Chemical announced that it had prevailed in the lawsuit for patent infringement brought against it by competitor Atofina, which sued Great Lakes in July 2002 in the United States District Court in Delaware, seeking both monetary damages and an injunction to prevent Great Lakes from practicing its process for the manufacture of difluoromethane, an environmentally-safe industrial refrigerant, PRNewswire reports. In a ruling issued February 23, 2005, United States District Court Chief Judge Sue Robinson found that Great Lakes'' relevant processes and products do not infringe Atofina''s U.S. Patent No. 5,900,514 and that most of the claims of the patent were invalid.
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