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Millennium Chemicals

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By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | July 27, 2001
New Jersey-based chemical company Millennium Chemicals reported a second-quarter net loss yesterday of $23 million, or 37 cents per share, citing economic weakness, the strength of the U.S. dollar and overcapacity in the industry. Results for the quarter ended June 30 compared with earnings of $48 million, or 75 cents per share, in the second quarter a year earlier. The most recent quarter included a $20 million after-tax charge, or 31 cents per share, related to Millennium's partial closing of a high-cost titanium dioxide plant at Hawkins Point and a 10 percent cut in its work force worldwide.
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BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | February 27, 2007
Three Millennium Chemicals properties here are being sold again, this time to a foreign owner. In all, more than 400 workers in the Baltimore area would be affected. Lyondell Chemical Co. of Houston has signed a deal to sell its Millennium inorganic chemicals business, which includes a titanium dioxide plant in Hawkins Point, offices in Hunt Valley and a research facility in Glen Burnie, to National Titanium Dioxide Co. Ltd. of Saudi Arabia for $1.05 billion in cash. Including some liabilities, the deal is expected to be worth about $1.2 billion and close during the first half of the year, pending regulatory approval.
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BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 31, 2001
With demand falling for the white pigment used in everything from house paint to U.S. currency, Millennium Chemicals Inc. reported yesterday that it lost $12 million in the third quarter. The loss follows the September idling of part of the company's Hawkins Point titanium dioxide plant in the southern part of Baltimore and the layoff of about 250 employees. The section that was shuttered makes pigment for the paper industry, while the part that remains in operation makes pigment for paints and plastics.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | August 1, 2002
Millennium Chemicals Inc. said yesterday that it made a slight profit in the second quarter, thanks to a one-time $3 million gain. The New Jersey-based maker of acetyls and titanium dioxide - a white pigment used in paints and paper - had a net income in the three months that ended June 30 of $1 million, or a penny a share, compared with a loss in the year-ago period of $23 million, or 37 cents a share. Last year's second-quarter loss included a $20 million charge related to the company's September idling of a large portion of its titanium dioxide plant in Baltimore; about 250 workers were laid off. Sales in the quarter were down 3 percent from $419 million to $405 million.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | July 26, 2000
Millennium Chemicals Inc., which employs 800 to 900 people in the Baltimore area, reported second-quarter net income yesterday of $48 million, even with last year's second-quarter results. However, second-quarter 1999 results included $37 million in profit resulting from the sale of assets and other one-time gains. The company reported no unusual profit in the quarter that ended June 30. Earnings per share improved last quarter to 75 cents, up from 69 cents for the comparable quarter in 1999.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | August 1, 2002
Millennium Chemicals Inc. said yesterday that it made a slight profit in the second quarter, thanks to a one-time $3 million gain. The New Jersey-based maker of acetyls and titanium dioxide - a white pigment used in paints and paper - had a net income in the three months that ended June 30 of $1 million, or a penny a share, compared with a loss in the year-ago period of $23 million, or 37 cents a share. Last year's second-quarter loss included a $20 million charge related to the company's September idling of a large portion of its titanium dioxide plant in Baltimore; about 250 workers were laid off. Sales in the quarter were down 3 percent from $419 million to $405 million.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 8, 2000
Millennium Chemicals Inc., whose largest division is based in Hunt Valley, reported earnings yesterday that beat analysts' estimates by 11 cents a share. Net income for the three months that ended Sept. 30 was $35 million, or 55 cents a diluted share, with an average of 63.9 million shares outstanding. Analysts had been expecting earnings of about 44 cents a share for the Red Bank, N.J., company. In the comparable period last year, net income was $45 million, but that included litigation settlements and tax adjustments; without the unusual gains, net income for last year's third quarter would have been $15 million, or 23 cents a share, with 67 million shares outstanding.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | April 27, 2000
Millennium Chemicals Inc., which employs about 750 people in the Baltimore area, said yesterday that its first-quarter profit soared to $25 million, or 37 cents a diluted share, a 178 percent increase over the corresponding period last year. Sales were $423 million, up 10 percent. Wall Street had predicted per share earnings of 31 cents, according to a survey of eight analysts by Zacks Investment Research. The Red Bank, N.J., company's Maryland subsidiary, Millennium Inorganic Chemicals, is the world's second-largest producer of titanium dioxide, a white pigment used in toothpaste, paint and the lettering on M&M candy.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | February 27, 2007
Three Millennium Chemicals properties here are being sold again, this time to a foreign owner. In all, more than 400 workers in the Baltimore area would be affected. Lyondell Chemical Co. of Houston has signed a deal to sell its Millennium inorganic chemicals business, which includes a titanium dioxide plant in Hawkins Point, offices in Hunt Valley and a research facility in Glen Burnie, to National Titanium Dioxide Co. Ltd. of Saudi Arabia for $1.05 billion in cash. Including some liabilities, the deal is expected to be worth about $1.2 billion and close during the first half of the year, pending regulatory approval.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | January 10, 1999
It was mid-1997 and First Maryland Bancorp's Joe O'Sullivan was phoning corporate clients to see if they had an interest in a seminar on the proposed European Monetary Union, slated to go from plan to reality Jan. 1, 1999.In making his inquiries, O'Sullivan, managing director of the banks' foreign exchange business, referred to the union by its acronym, EMU, pronouncing it -- like everyone else -- as "ee-moo.""One of my first phone calls was to a young man who wanted to know why we were making a presentation on the alternative white meat," O'Sullivan recalled, laughing.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | February 1, 2002
Millennium Chemicals Inc., helped by a one-time income tax adjustment, earned $8 million in the fourth quarter, but posted a loss for the year. On a per-share basis, the Red Bank, N.J., company, which operates a plant in southern Baltimore, earned 13 cents on sales of $334 million in the three months that ended Dec. 31. The company benefited from reserves in prior years that reduced the amount it needed to set aside for taxes in the fourth quarter by...
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 31, 2001
With demand falling for the white pigment used in everything from house paint to U.S. currency, Millennium Chemicals Inc. reported yesterday that it lost $12 million in the third quarter. The loss follows the September idling of part of the company's Hawkins Point titanium dioxide plant in the southern part of Baltimore and the layoff of about 250 employees. The section that was shuttered makes pigment for the paper industry, while the part that remains in operation makes pigment for paints and plastics.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 8, 2000
Millennium Chemicals Inc., whose largest division is based in Hunt Valley, reported earnings yesterday that beat analysts' estimates by 11 cents a share. Net income for the three months that ended Sept. 30 was $35 million, or 55 cents a diluted share, with an average of 63.9 million shares outstanding. Analysts had been expecting earnings of about 44 cents a share for the Red Bank, N.J., company. In the comparable period last year, net income was $45 million, but that included litigation settlements and tax adjustments; without the unusual gains, net income for last year's third quarter would have been $15 million, or 23 cents a share, with 67 million shares outstanding.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | July 26, 2000
Millennium Chemicals Inc., which employs 800 to 900 people in the Baltimore area, reported second-quarter net income yesterday of $48 million, even with last year's second-quarter results. However, second-quarter 1999 results included $37 million in profit resulting from the sale of assets and other one-time gains. The company reported no unusual profit in the quarter that ended June 30. Earnings per share improved last quarter to 75 cents, up from 69 cents for the comparable quarter in 1999.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | May 3, 2000
Researchers at Millennium Inorganic Chemicals are celebrating the fact that they now have acres of space to study products so small that 12 million of them could fit on a pinhead. The company is the world's second-largest maker -- behind DuPont -- of titanium dioxide, a white pigment used in items such as paint, plastics, toothpaste, non-dairy creamer and the white writing on M&M candy. Millennium recently opened an $18-million, 120,000-square- foot research center in northern Anne Arundel County that is three times larger than its old facility five miles away in Baltimore.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | April 27, 2000
Millennium Chemicals Inc., which employs about 750 people in the Baltimore area, said yesterday that its first-quarter profit soared to $25 million, or 37 cents a diluted share, a 178 percent increase over the corresponding period last year. Sales were $423 million, up 10 percent. Wall Street had predicted per share earnings of 31 cents, according to a survey of eight analysts by Zacks Investment Research. The Red Bank, N.J., company's Maryland subsidiary, Millennium Inorganic Chemicals, is the world's second-largest producer of titanium dioxide, a white pigment used in toothpaste, paint and the lettering on M&M candy.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | May 3, 2000
Researchers at Millennium Inorganic Chemicals are celebrating the fact that they now have acres of space to study products so small that 12 million of them could fit on a pinhead. The company is the world's second-largest maker -- behind DuPont -- of titanium dioxide, a white pigment used in items such as paint, plastics, toothpaste, non-dairy creamer and the white writing on M&M candy. Millennium recently opened an $18-million, 120,000-square- foot research center in northern Anne Arundel County that is three times larger than its old facility five miles away in Baltimore.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | January 10, 1999
It was mid-1997 and First Maryland Bancorp's Joe O'Sullivan was phoning corporate clients to see if they had an interest in a seminar on the proposed European Monetary Union, slated to go from plan to reality Jan. 1, 1999.In making his inquiries, O'Sullivan, managing director of the banks' foreign exchange business, referred to the union by its acronym, EMU, pronouncing it -- like everyone else -- as "ee-moo.""One of my first phone calls was to a young man who wanted to know why we were making a presentation on the alternative white meat," O'Sullivan recalled, laughing.
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