MIDDLEBURY, Conn., and INDIANAPOLIS - Crompton Corp. and Great Lakes Chemical Corp. have entered into a definitive merger agreement for an all-stock merger transaction, which will create the third-largest publicly traded U.S. specialty chemicals company. The new company will hold leading positions in high-value specialty chemical niche businesses.

The new company will be owned 51 percent by Crompton shareholders and 49 percent by Great Lakes shareholders on a fully diluted basis. Robert L. Wood, currently chairman, president and CEO of Crompton, will serve in those capacities for the combined company, which will be headquartered in Middlebury.