[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003

[   ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

                    For the transition period from ____________________  to  ____________________

CROMPTON CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

52-2183153

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

199 Benson Road, Middlebury, Connecticut

06749

(Address of principal executive offices)

(Zip Code)

[X]

Yes

[  ]

No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

[X]

Yes

[  ]

No

The number of shares of common stock outstanding as of the latest practicable date, is as follows:

              Class                                                                 Outstanding at October 31, 2003
Common Stock - $.01 par value,                                                               111,260,373

                                     INDEX

PAGE

PART I.

  Item 1.

Condensed Consolidated Statement of Operations
(Unaudited) - Third quarter and nine months
ended 2003 and 2002

2

Condensed Consolidated Balance Sheets - September 30.
2003 (Unaudited) and December 31, 2002

3

Condensed Consolidated Statements of Cash
Flows (Unaudited) - Nine months ended 2003 and 2002

4

Notes to Condensed Consolidated Financial
Statements (Unaudited)

Independent Accountants' Review Report

  Item 2.

Management's Discussion and Analysis of Financial
Conditions and Results of Operations

20

  Item 3.

Quantitative and Qualitative Disclosures about
Market Risk

32

  Item 4.

Controls and Procedures

33

PART II.

OTHER INFORMATION

  Item 1.

Legal Proceedings

34

  Item 6.

Exhibits and Reports on Form 8-K

38

Signatures

40

ITEM 1. Financial Statements and Accompanying Notes

      CROMPTON CORPORATION AND SUBSIDIARIES

    Condensed Consolidated Statements of Operations (Unaudited)

      Third quarter and nine months ended 2003 and 2002

      (In thousands of dollars, except per share data)

Third quarter ended

Nine months ended

   2003

   2002

   2003

   2002

Net sales

$

559,189

$

507,936

$

1,624,062

$

1,610,507

Cost of products sold

410,254

349,377

1,189,849

1,127,611

Selling, general and

administrative

91,504

87,875

263,604

265,404

Depreciation and amortization

30,318

27,232

84,816

85,902

Research and development

12,767

13,258

37,553

40,921

Equity (income) loss

1,073

793

(6,769

)

(3,468

)

Facility closures, severance and

related costs

10,566

4,420

14,071

10,800

Antitrust legal and related costs

5,385

-

26,260

-

Operating profit (loss)

(2,678

)

24,981

14,678

83,337

Interest expense

20,664

25,201

72,938

77,431

Loss on early extinguishment

of debt

24,699

-

24,699

-

Other expense, net

3,414

3,192

7,454

40,577

Loss from continuing operations

before income taxes and

cumulative effect of accounting

change

(51,455

)

(3,412

)

(90,413

)

(34,671

)

Income tax benefit

(16,953

)

(1,112

)

(29,791

)

(14,064

)

Loss from continuing operations

before cumulative effect of

accounting change

(34,502

)

(2,300

)

(60,622

)

(20,607

)

Earnings from discontinued

operations

3,057

14,888

26,314

33,656

Gain on sale of discontinued

operations

111,692

-

111,692

-

Cumulative effect of accounting

change

-

-

(401

)

(298,981

)

Net earnings (loss)

$

80,247

$

12,588

$

76,983

$

(285,932

)

Basic and diluted earnings (loss)

 per common share:

    Loss from continuing operations

      before cumulative effect of

      accounting change

$

(0.31

)

$

(0.02

)

$

(0.54

)

$

(0.18

)

    Earnings from discontinued

      operations

0.03

0.13

0.23

0.29

    Gain on sale of discontinued

      operations

1.00

-

0.99

-

    Cumulative effect of

       accounting change

-

-

-

(2.63

)

    Net earnings (loss)

$

0.72

$

0.11

$

0.68

$

(2.52

)

    Dividends declared per

       common share

$

0.05

$

0.05

$

0.15

$

0.15

See accompanying notes to condensed consolidated financial statements.

September 30,

December 31,

         2003

          2002

ASSETS

CURRENT ASSETS

Cash

$

49,784

$

16,941

Accounts receivable

200,651

183,329

Inventories

394,508

353,556

Other current assets

149,456

112,950

Assets held for sale

-

392,887

   Total current assets

794,399

1,059,663

NON-CURRENT ASSETS

Property, plant and equipment

759,634

695,962

Cost in excess of acquired net assets

421,059

584,633

Other assets

471,212

500,557

$

2,446,304

$

2,840,815

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Notes payable

$

6,114

$

3,694

Accounts payable

242,484

268,593

Accrued expenses

267,910

260,718

Income taxes payable

120,319

116,111

Other current liabilities

13,193

15,670

Liabilities held for sale

-

29,273

   Total current liabilities

650,020

694,059

NON-CURRENT LIABILITIES

Long-term debt

780,274

1,253,149

Post-retirement health care liability

196,009

193,996

Other liabilities

498,040

499,728

STOCKHOLDERS' EQUITY

Common stock

1,192

1,192

Additional paid-in capital

1,044,871

1,048,304

Accumulated deficit

(526,565

)

(586,555

)

Accumulated other comprehensive loss

(119,617

)

(200,426

)

Treasury stock at cost