BP ANNOUNCES SALE OF BP PERFORMANCE POLYMERS INC.
BP ANNOUNCES SALE OF BP PERFORMANCE POLYMERS INC. HACKETTSTOWN, N.J., Aug. 14 /PRNewswire/ -- BP announced today that
it has signed a letter of intent for the sale of the assets and business of BP Performance Polymers Inc. In an associated deal, BP Chemicals also signed a letter of intent for the sale of its Antwerp LDPE business including its polyethylene plant and compounding facilities. Details of the terms of these transactions are not being disclosed.
The purchaser is NESTE Chemicals, of Espoo, Finland, a major petrochemicals company, with operations in the USA and Europe. The decision to sell forms part of BP Chemicals' strategy to focus its downstream olefin operations on areas of major strength, and will provide NESTE with its first polyethylene compounding facilities in the USA. NESTE will acquire the Rockport, N.J., manufacturing plant which includes advanced compounding facilities. It will also acquire the R & D, technical service, and business support functions, currently located in Hackettstown in facilities shared with other BP Chemicals businesses. The transfer of the business is expected to be finalized by Dec. 31. -0- 8/14/92 /CONTACT: Tony Kozlowski of BP Chemicals, Inc., 216-586-5577/ CO: BP Chemicals Inc. ST: Ohio IN: CHM SU:
BM -- CL002 -- 9910 08/14/92 09:35 EDT
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|Date:||Aug 14, 1992|
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