LANXESS Solutions US (CEMJQ) 8-K Crompton Reports First Quarter Results

                                    NEWS

CONTACTS:

Investors:
Media: William Kuser
Mary Ann Dunnell (203) 573-2213
(203) 573-3034

CROMPTON REPORTS FIRST QUARTER RESULTS

MIDDLEBURY, CT - April 27, 2004 - Crompton Corporation (NYSE: CK) reported first quarter net earnings of $60.4 million, or $.53 per share, compared to net earnings of $5.8 million or $.05 per share, in the first quarter of 2003. First quarter 2004 net earnings included pre-tax divestment gains of $94.6 million primarily from the sale of our 50% interest in the Gustafson seed treatment joint venture and pre-tax charges for supplemental executive retirement costs of $5.9 million, antitrust costs of $4.1 million and facility closures, severance and related costs of $2.4 million. First quarter 2003 net earnings included after-tax earnings from discontinued operations of $13.0 million, or $.11 per share, cumulative effect of accounting change of $.4 million and pre-tax charges for antitrust costs of $8.5 million and facility closures, severance and related costs of $.8 million.

First quarter sales of $624.3 million were 17 percent above the prior year with eight percent attributable to the acquisition of the GE Specialty Chemical business on July 31, 2003, four percent due to the favorable impact of foreign currency translation, four percent due to improved unit volume and one percent due to improved selling prices.

"We are pleased with our first quarter results from operations in terms of the positive trend in unit volume and selling prices. These factors, together with our cost reduction efforts, more than offset the impact of nearly $20 million in additional raw material and energy costs over the first quarter of 2003," said Robert L. Wood, president and CEO. "We are intently focused on improving our customer and market management, particularly our pricing discipline. Customers must realize that when we provide valuable products and services we need to be reimbursed for our increased costs in order to continue providing such solutions. We must determine what our customers are willing to pay for and what we can afford to provide, and eliminate everything else.

"Our objective is to provide shareholder returns in the top quartile of our specialty chemical peer group. In order to do that, our immediate goals are to:

• Put our legal issues behind us, which we have begun to do.

• Reduce our debt and improve our capital structure and financial flexibility. We made further progress in this area via the divestiture of the Gustafson joint venture during the first quarter. In addition, we are in the process of reviewing our refinancing alternatives with several leading financial institutions and expect to obtain new financing over the coming months.

• Improve cash flow, business unit operating performance and profitability.

• Focus our portfolio on profitable market niches.

• Adjust our portfolio to mesh with a clear, focused strategy - one where money, in the form of resources, follows the strategy to ensure our investments produce the best overall return.

"We look forward to keeping you apprised of our progress."

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First quarter operating results for the Company's reporting segments are summarized as follows:

Polymer Products
Polymer additives sales of $363.3 million increased 20% from the prior year, of which 15% was due to the acquisition of GE's Specialty Chemicals business on July 31, 2003 and the balance attributable to favorable foreign currency translation of four percent and increased selling prices of one percent. Plastic additives sales rose 33% mainly as a result of the Specialty Chemicals business acquisition, favorable foreign currency translation and higher selling prices. Rubber additives sales were up two percent due primarily to higher unit volume and favorable foreign currency translation, offset in part by lower selling prices. Urethane additives sales increased six percent mainly as a result of favorable foreign currency translation. Petroleum additives sales were up 10% due mainly to higher selling prices, increased unit volume and favorable foreign currency translation. Operating profit of $8.9 million was down 34% from the first quarter of 2003 mainly as a result of higher raw material and ener gy costs offset in part by savings from cost reduction initiatives and higher selling prices.

Polymers sales of $81.2 million rose 19% from the prior year due to higher unit volume of 16% and favorable foreign currency translation of three percent. EPDM sales increased 27% mainly as a result of higher unit volume. Urethanes sales were up 11% due primarily to higher unit volume and favorable foreign currency translation. Operating profit of $10.2 million was up 10% from the prior year due mainly to increased unit volume and the impact of cost saving initiatives, offset in part by higher raw material and energy costs.

Polymer processing equipment sales of $38.4 million were down seven percent from the prior year due primarily to lower unit volume as unfavorable selling prices of three percent offset an equal amount of favorable foreign currency translation. The operating loss of $1.8 million was unfavorable versus the prior year by $2.8 million mainly as a result of lower pricing and reduced unit volume. The backlog at the end of March 2004 of $72 million was up $10 million from year-end 2003.

Specialty Products
Crop protection sales of $76.5 million increased 27% from the first quarter of 2003 due to higher unit volume of 19%, favorable foreign currency translation of six percent and increased selling prices of two percent. Operating profit of $28.4 million increased 45% from the prior year due primarily to higher unit volume, increased joint venture equity income of $4.1 million and improved pricing, offset in part by an unfavorable foreign currency impact.

Refined products sales of $68.8 million were up seven percent from the prior year due to favorable foreign currency translation of three percent and increases of two percent in both unit volume and selling prices. The operating loss of $2.2 million was unfavorable by $2.6 million versus the prior year as higher raw material/energy costs more than offset increased selling prices.

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Forward-Looking Statements
Certain statements made in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, general economic conditions, the outcome and timing of antitrust investigations and related civil lawsuits to which the Company is subject, the ability to obtain and timing of new financing, pension and other post-retirement benefit plan assumptions, energy and raw material prices and availability, production capacity, changes in interest rates and foreign currency exchange rates, changes in technology, market demand and customer requirements, the enactment of more stringent environmental laws and regulations, the ability to realize expected cost savings under the Company's cost reduction initiatives, the amount of any additional earn-out payments from GE, and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These statements are based on the Company's estimates and assumptions and on currently available information. The forward-looking statements include information concerning our possible or assumed future results of operations, and the Company's actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this release was issued and such information will not necessarily be updated by the Company.

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CROMPTON CORPORATION
Consolidated Statements of Earnings
First quarter ended 2004 and 2003
(In thousands, except per share data)
				First Quarter
				2004		2003
Net sales			$	624,347	$	531,972
Cost of products sold				472,256		384,958
Selling, general and admin.				96,525		87,343
Depreciation and amortization				30,854		27,119
Research and development				11,797		12,060
Equity income				(9,627)		(5,614)
Facility closures, severance and related costs				2,411		819
Antitrust costs				4,053		8,489
Operating profit				16,078		16,798
Interest expense				17,925		26,715
Other (income) expense, net				(92,501)		213
Earnings (loss) from continuing operations before
		income taxes and cumulative effect of
		accounting change		90,654		(10,130)
Income tax expense (benefit)				30,215		(3,412)
Earnings (loss) from continuing operations before
		cumulative effect of accounting change		60,439		(6,718)
Earnings from discontinued operations				-		12,965
Cumulative effect of accounting change				-		(401)
Net earnings			$	60,439	$	5,846
Basic and diluted earnings (loss) per common share:
	Earnings (loss) from continuing operations before
		cumulative effect of accounting change	$	0.53	$	(0.06)
	Earnings from discontinued operations			-		0.11
	Cumulative effect of accounting change			-		-
	Net earnings		$	0.53	$	0.05
	Weighted average shares outstanding - basic			114,525		114,146
	Weighted average shares outstanding - diluted			114,835		114,146

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CROMPTON CORPORATION
Consolidated Balance Sheets
March 31, 2004 and December 31, 2003
(In thousands of dollars)
				March 31, 2004		December 31, 2003
ASSETS
	CURRENT ASSETS
	Cash		$	35,866	$	39,213
	Accounts receivable			268,181		210,190
	Inventories			389,770		390,199
	Other current assets			150,343		170,852
		Total current assets		844,160		810,454
	NON-CURRENT ASSETS
	Property, plant and equipment			758,136		774,612
	Cost in excess of acquired net assets			417,366		418,607
	Other assets			479,391		525,509
			$	2,499,053	$	2,529,182
LIABILITIES AND STOCKHOLDERS' EQUITY
	CURRENT LIABILITIES
	Short-term borrowings		$	17,238	$	60,695
	Current portion of long-term debt			349,332		-
	Accounts payable			229,224		232,127
	Accrued expenses			242,484		267,472
	Income taxes payable			138,744		130,284
	Other current liabilities			11,022		10,667
		Total current liabilities		988,044		701,245
	NON-CURRENT LIABILITIES
	Long-term debt			399,147		754,018
	Pension and post-retirement health care liabilities			569,845		566,966
	Other liabilities			196,184		204,244
	STOCKHOLDERS' EQUITY
	Common stock			1,192		1,192
	Additional paid-in capital			1,033,803		1,034,027
	Accumulated deficit			(535,445)		(590,157)
	Accumulated other comprehensive loss			(108,508)		(96,463)
	Treasury stock at cost			(45,209)		(45,890)
		Total stockholders' equity		345,833		302,709
			$	2,499,053	$	2,529,182

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CROMPTON CORPORATION
Consolidated Statements of Cash Flows
First quarter ended 2004 and 2003
(In thousands of dollars)
					First Quarter
Increase (decrease) to cash					2004		2003
CASH FLOWS FROM OPERATING ACTIVITIES
	Net earnings			$	60,439	$	5,846
	Adjustments to reconcile net earnings to net
	cash (used in) provided by operations:
		Gain on sale of Gustafson joint venture			(90,938)		-
		Cumulative effect of accounting change, net of tax			-		401
		Depreciation and amortization			30,854		36,408
		Equity income			(9,627)		(5,614)
		Changes in assets and liabilities, net:
			Accounts receivable		(42,642)		(23,259)
			Accounts receivable - securitization		(20,333)		8,126
			Inventories		(4,475)		(5,864)
			Accounts payable		(1,807)		41,969
			Other		16,254		(5,521)
	Net cash (used in) provided by operations				(62,275)		52,492
CASH FLOWS FROM INVESTING ACTIVITIES
	Net proceeds from divestments				129,516		-
	Capital expenditures				(16,640)		(14,639)
	Other investing activities				419		(98)
	Net cash provided by (used in) investing activities				113,295		(14,737)
CASH FLOWS FROM FINANCING ACTIVITIES
	Payments on domestic credit facility				(49,400)		(25,000)
	Proceeds from short-term borrowings				727		431
	Payments on long term borrowings				-		(260)
	Dividends paid				(5,727)		(5,715)
	Other financing activities				171		880
	Net cash used in financing activities				(54,229)		(29,664)
CASH
	Effect of exchange rates on cash				(138)		409
	Change in cash				(3,347)		8,500
	Cash at beginning of period				39,213		16,941
	Cash at end of period			$	35,866	$	25,441

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CROMPTON CORPORATION
Segment Sales and Operating Profit
First quarter ended 2004 and 2003
(In thousands of dollars)
						First Quarter
						2004		2003
NET SALES
Polymer Products
	Polymer Additives				$	363,343	$	301,574
	Polymers					81,212		68,183
	Polymer Processing Equipment					38,428		41,108
	Eliminations					(3,948)		(3,653)
						479,035		407,212
Specialty Products
	Crop Protection					76,474		60,380
	Refined Products					68,838		64,380
						145,312		124,760
				Total net sales	$	624,347	$	531,972
OPERATING PROFIT
Polymer Products
	Polymer Additives				$	8,948	$	13,513
	Polymers					10,195		9,274
	Polymer Processing Equipment					(1,764)		1,078
						17,379		23,865
Specialty Products
	Crop Protection					28,441		19,651
	Refined Products					(2,180)		448
						26,261		20,099
General corporate expense						(21,098)		(15,209)
Unabsorbed overhead expense from
		discontinued operations				-		(2,649)
Facility closures, severance and
		related costs				(2,411)		(819)
Antitrust costs						(4,053)		(8,489)
			Total operating profit		$	16,078	$	16,798

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CROMPTON CORPORATION		SUPPLEMENTARY SCHEDULE
Major Factors Affecting Operating Results
First quarter ended 2004 versus 2003
(In millions of dollars)
The following table summarizes the major factors contributing to the first quarter changes in operating results versus the prior year:
		First Quarter
			Pre-tax
		Net	Earnings
		Sales	(Loss)
2003		$ 532.0	$ (10.1)	*
2003 Facility closures, severance
	and related costs	-	0.8
2003 Antitrust costs		-	8.5
		532.0	(0.8)
GE Specialty Chemicals business acquired 7/31/03		44.0	1.7
Improved unit volume/mix		22.0	9.5
Higher selling prices		4.7	4.7
Foreign currency impact		21.6	(2.0)
Cost savings		-	13.8
Higher raw materials/energy costs		-	(19.8)
Increase in equity income		-	4.0
Increased costs (freight, legal, environmental)		-	(3.8)
Unfavorable manufacturing absorption variances		-	(3.6)
Lower interest expense		-	8.8
Other		-	(4.0)
		624.3	8.5
2004 Facility closures, severance and related costs		-	(2.4)
2004 Antitrust costs		-	(4.1)
2004 Supplemental executive retirement costs		-	(5.9)
2004 Divestment gains, primarily Gustafson		-	94.6
2004		$ 624.3	$ 90.7
* Represents the pre-tax loss from continuing operations before cumulative effect of accounting      change and earnings from discontinued operations.