UNOCAL ANNOUNCES PLANS TO CLOSE SCHAUMBERG, ILL., OFFICE COMPLEX BY SEPT. 1, 1993
UNOCAL ANNOUNCES PLANS TO CLOSE SCHAUMBERG, ILL., OFFICE COMPLEX BY SEPT.
1, 1993 LOS ANGELES, July 7 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) today announced plans to close its 275,000-square-foot Schaumburg, Ill., office complex by Sept. 1, 1993. The complex has been headquarters for Unocal's National Auto/TruckStop system and the company's Southeastern U.S. marketing operations. It also houses accounting, information services and other support activities for the company's Petroleum Products group. Approximately 600 employees plus 125 contractors are assigned to the facility. Neal E. Schmale, Unocal senior vice president, Petroleum Products and Chemicals, said the sale or phasing out of business units served by the Schaumburg facility, coupled with consolidation and reorganization of accounting and other support activities, led to the decision to close the facility. Unocal recently announced it would not renew its supply contracts with marketers and dealers in the Southeast United States, and completed the sale of its terminal network in the region to Louis Dreyfus Energy Corp. The company is also currently negotiating the sale of its nationwide Auto/TruckStop system, and hopes to complete that sale by the end of 1992. Employees associated with the Auto/TruckStop and marketing and distribution business units will either be employed by the purchaser, reassigned within Unocal, or released. The accounting, information services and other staff operations, which support ongoing Unocal businesses, will be consolidated with other functions. The company has not yet determined the specific number of employees to be transferred. As plans are being developed regarding the office closure, the company anticipates that a small number of employees may remain in the Schaumburg area past Sept. 1, 1993, to support any ongoing business activities in the eastern part of the United States. The office complex opened in 1960 when the original parcel was 250 acres. Since then, however, portions have been sold for development of Centennial Center, the Hyatt Woodfield Hotel and the Century Centre Buildings I and II. The company has entered into a purchase and sales agreement for the development and construction of 61 acres of the site as a retail center. It will continue to seek purchasers and developers for the remaining 100 acres of the property, which includes the Unocal office building. -0- 07/07/92 CONTACT: James H. Bray of Unocal, 213-977-5390 (UCL) CO: UNOCAL CORP. IN: OIL ST: CA,IL -- LA012 -- X799 07/07/92
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|Date:||Jul 7, 1992|
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