Occidental acquires three specialty chemical producers.LOS ANGELES--(BUSINESS WIRE)--Sept. 3, 1996--Occidental Petroleum Corporation announced today that it has acquired three specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. producers in separate transactions for approximately $146 million, of which approximately $127 million will be paid in shares of Occidental common stock. Chairman and Chief Executive Officer Dr. Ray R. Irani Ray R. Irani (January 13, 1935) is the current Chairman, President and Chief Executive Officer of Occidental Petroleum. According to Forbes.com, his five-year total compensation between 2001-2005 was $127,447,000. said, "These acquisitions will contribute immediately, on a non- dilutive basis, to Occidental's earnings and cash flow. They are part of Occidental's strategy to grow its specialty chemicals businesses from an annual earnings base of $65 million in 1995 to $250 million annually by the year 2000." Laurel Industries, Inc., acquired from private investors, is North America's largest producer of antimony antimony (ăn`tĭmō'nē) [Lat. antimoneum], semimetallic chemical element; symbol Sb [Lat. stibium,=a mark]; at. no. 51; at. wt. 121.75; m.p. 630.74°C;; b.p. 1,750°C;; sp. gr. (metallic form) 6. oxide at its LaPorte, Texas facility. Antimony oxide is used as a polymerization polymerization Any process in which monomers combine chemically to produce a polymer. The monomer molecules—which in the polymer usually number from at least 100 to many thousands—may or may not all be the same. catalyst in the manufacture of polyethylene terephthalate Ter`eph´tha`late n. 1. (Chem.) A salt of terephthalic acid. (PET) resins and as a flame retardant in plastics, where it will complement other OxyChem flame retardants DechPlus and resorcinol resorcinol /re·sor·ci·nol/ (re-zor´si-nol) a bactericidal, fungicidal, keratolytic, exfoliative, and antipruritic agent, used especially as a topical keratolytic in the treatment of acne and other dermatoses. . Natural Gas Odorizing, purchased from Helmerich & Payne, is the leading U.S. producer of mercaptan-based warning agents for use in natural gas and propane from its single plant in Baytown, Texas. A plant in Augusta, Georgia, purchased from Power Silicates Manufacturing, Inc., produces sodium silicates for use in soap and detergent formulating, paper manufacturing and silica-based catalysts and will augment OxyChem's five existing silicates plants by its presence in the growing southeast U.S. market. CONTACT: Occidental Petroleum Corporation, Los Angeles Howard Collins (media), 310-443-6523 Kenneth J. Huffman (investors), 212-603-8183 |
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