GREAT LAKES CHEMICAL ELIMINATES PRICE PROTECTION FOR FLAME RETARDANTS AND BROMINATED PERFORMANCE PRODUCTS

INDIANAPOLIS, INDIANA – Great Lakes Chemical Corporation (NYSE:GLK) today announced that it has eliminated all price protection mechanisms such as firm pricing, price caps, and price increase delays for its flame retardants and bromine performance products until further notice.

“This immediate pricing action is due to the persistent and extremely volatile costs for key raw materials and energy. Future outlook is highly uncertain and significantly impedes our ability to predict costs,” stated Angelo Brisimitzakis, executive vice president of flame retardants and brominated performance products. “Given these conditions, as contracts allow, Great Lakes finds it necessary to remove all price protection effective immediately and in conjunction with previously announced price increases.”

Additionally, the company will impose an immediate worldwide $0.30 per kilogram price surcharge on all phenol containing phosphate esters. This surcharge is due to unprecedented price increases for phenol raw material driven by relentless cost increases in the oil and oil derivatives (i.e. Benzene) markets.

Great Lakes Flame Retardants and Brominated Performance Products business develops and delivers specialty chemical solutions that protect against fire in plastics for consumer applications such as automotive, electrical, building materials, and furnishings. Its range of fire-resistant fluids and lubricants are widely used in industrial applications and the company's clear brine fluids are used in oil and gas exploration. Bromine-based fumigants improve crop yields, protect grain and other stored food sources from infestation, and eliminate pests from imported crops.

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