Basic Chemical Makers Plunge, Specialties Split.(Brief Article)(Statistical Data Included)

LATE-REPORTING COMPANIES ARE CONTINUING the quarter's trend: basic and diversified chemicals firms' profits are down, and specialty results are mixed. Olin, Witco, and Airgas reported lower second-quarter earnings, while Nalco Chemical, Church & Dwight, and Catalytica increased profits (table). Solutia and Crompton & Knowles (C&K) had flat results.

C&K's sales and profits decreased in performance chemicals and colors and rose in crop protection chemicals and polymers. Analysts cite improvements resulting from C&K's pending merger with Witco. "C&K Witco will emerge as a much stronger global specialty chemicals franchise," says Tim Gerdeman, analyst at Salomon Smith …