Rohm and Haas Company (NYSE: ROH) said today it has reached a settlement with certain insurance underwriters at Lloyds London, for $43 million before tax.
The settlement resolves payment under policies with these underwriters for all existing and future claims for environmental and other liabilities. Rohm and Haas said it will receive the payment from Lloyds before the end of the year and will apply the proceeds to debt reduction.
With corporate headquarters in Philadelphia, Pennsylvania, Rohm and Haas is a $5.7 billion (USD) maker of specialty chemicals and materials, operating more than 100 manufacturing and technical centers around the world. Its products are used to enhance the performance of everything from semiconductor chips to household products and consumer paints.