PHILADELPHIA, Pennsylvania & SEOUL, South Korea, August 18, 2010 -- Chemtura Corporation and UP Chemical Co., Ltd. today announced the signing of a Memorandum of Understanding (MOU) defining the terms of a joint venture company to be formed which will manufacture and sell high-purity metal organic precursors for the rapidly growing market for metal organic precursors for High Brightness LED applications, with particular focus on the South Korean market and the broader Asia-Pacific region.

The joint venture will leverage Chemtura's capability and technology related to metal organic precursors for polymerization and other specialty applications, together with its backward integration for trimethylaluminum (TMA), a key material used in the manufacture of high-purity metal organic precursors for use in the production process for High Brightness LED chips.

The joint venture will combine Chemtura's expertise with UP Chemical's capability and experience in supplying high-purity metal organic precursors for chemical vapor deposition tools installed at semiconductor device manufacturers in South Korea and the Asia Pacific region.

The joint venture expects to begin supply of high-purity metal organic precursors to the High Brightness LED market by December 2010, and expects to have fully integrated manufacturing capability for trimethylgallium and trimethylaluminum established in Korea in late 2011.

"With the formation of this joint venture, Chemtura and UP Chemical will be uniquely positioned to meet the growing demand for metal organic precursors for the High Brightness LED market. By establishing fully integrated manufacturing and distribution capability in Asia, we are addressing the expectations of customers in the region who demand local manufacturing for improved responsiveness and assurance of supply," said Craig Rogerson, Chemtura chairman, president and chief executive officer. "Further, this joint venture advances Chemtura's current strategy for growth in the Asia Pacific region. We are excited to have UP Chemical as a partner, and look forward to years of success in our joint venture."

"UP Chemical can seize a great opportunity through the partnership with Chemtura at a time when LED backlighting for LCD TVs has grown explosively and highly efficient LED lighting will replace traditional lighting in the coming years," said Dr. Hyun Koock Shin, UP Chemical chief executive officer. "The joint venture will manufacture and deliver necessary metal organic precursors to make this lighting revolution happen for a more energy-efficient, greener world."

About Chemtura

Chemtura Corporation and its subsidiaries, with 2009 sales of $2.3 billion, together are a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products, including 50 years of production excellence with Chemtura Organometallics GmbH. Additional information concerning Chemtura is available at www.chemtura.com.

About UP Chemical Company

UP Chemical Co., Ltd. is the first developer and successful supplier of atomic layer deposition precursors for DRAM chip manufacturing. It specializes in the research, development, production, high-purity refinement and sale of metal organic precursors, as well as other thin film deposition materials. Additional information concerning UP Chemical is available at www.upchem.co.kr.