Printer Friendly

FINA ENTERS HIGH DENSITY POLYETHYLENE BUSINESS

 FINA ENTERS HIGH DENSITY POLYETHYLENE BUSINESS
 DALLAS, Aug. 28 /PRNewswire/ -- FINA, Inc. (AMEX: FI), and Hoechst


Celanese Corporation today closed on the sale of Hoechst Celanese's 350 million pounds per year high density polyethylene (HDPE) business and associated assets at Bayport, Texas, to FINA's wholly-owned subsidiary, Fina Oil and Chemical Company. Value of the transaction was not disclosed.
 In a second transaction, the sale of FINA's 26 percent interest in Cape Industries to Hoechst Celanese was also completed. Hoechst Celanese already owns the remaining 74 percent interest in Cape. Cape Industries, located in Wilmington, N.C., manufactures dimethyl terephthalate.
 "The acquisition of the Bayport Plant not only gives FINA a position in the U.S. HDPE market, but it also provides a new plant site on which to grow other parts of FINA's U.S. chemicals business," said FINA President and Chief Executive Officer Ron W. Haddock.
 "A key to FINA's success in the U.S. polystyrene and polypropylene markets has been an ability to tailor grades for specialty markets," said Haddock. "Our Research and Technology Center, a few miles from the Bayport site, will help further improve HDPE resins particularly for specialty films and pipe grades."
 FINA, Inc. (AMEX: FI), through its subsidiaries, is engaged in crude oil and natural gas exploration and production and natural gas marketing; petroleum products refining, supply and transportation, and marketing; and chemicals manufacturing and marketing. Organized in 1956, it is part of an international group of companies affiliated with Petrofina S.A., which is headquartered in Brussels, Belgium.
 Hoechst Celanese is a wholly-owned subsidiary of Hoechst AG of Germany, with leading positions in chemicals, fibers, advanced materials and technologies, and the life sciences.
 -0- 8/28/92
 /CONTACT: Rick Hagar of FINA, 214-750-4120/
 (FI) CO: FINA, Inc.; Hoechst Celanese Corporation; Cape Industries ST: Texas, New Jersey, North Carolina IN: OIL CHM SU: TNM


GK -- NY045 -- 4450 08/28/92 14:28 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 28, 1992
Words:319
Previous Article:STEELWORKERS PRESIDENT TO HOLD NEWS CONFERENCE SUNDAY IN ADVANCE OF CONVENTION
Next Article:CLINT SLY NAMED VICE PRESIDENT AND GENERAL MANAGER OF WRIF-FM
Topics:


Related Articles
NOVA CORPORATION SUBSIDIARY TO PURCHASE DUPONT CANADA'S POLYETHYLENE BUSINESS
FINA REPORTS RECORD YEARLY INCOME PRIOR TO ACCOUNTING CHANGE
H. Patrick Jack to be Named Aristech President and COO
BASF FINA Petrochemicals Celebrates Start of Construction of World's Largest Steam Cracker.
Dow Acquires Hoechst's Share of Polyolefins JV With Sentrachem in South Africa.
Completion of Dow-Union Carbide Merger Makes Dow More Competitive in Global Polyethylene Marketplace.
Westlake Chemical Acquires Eastman's Polyethylene Business; Includes 200-Mile Ethylene Pipeline.
Westlake Chemical Closes Purchase of Eastman's Polyethylene Business.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters