Rohm and Haas 4th-quarter earnings tumble

NEW YORK - Chemical maker Rohm and Haas Co , which is locked in a merger dispute with suitor Dow Chemical Co, said on Monday its fourth-quarter profit fell as the global economic slowdown hurt demand for its paints, coatings and electronic materials.

By (Reuters)

Published: Mon 9 Feb 2009, 8:53 PM

Last updated: Thu 2 Apr 2015, 3:54 AM

Net income in the quarter was $32 million, or 17 cents a share, compared with a year-ago profit of $180 million, 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 $15.3 billion, in a bid to expand its specialty 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 U.S. chemical maker to close the deal.

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