Printer Friendly

STERLING CHEMICALS COMPLETES ACQUISITION OF TENNECO CANADIAN PULP CHEMICALS BUSINESS

 STERLING CHEMICALS COMPLETES ACQUISITION OF TENNECO CANADIAN
 PULP CHEMICALS BUSINESS
 HOUSTON, Aug. 21 /PRNewswire/ -- Sterling Chemicals, Inc. (NYSE: STX) announced the completion of the acquisition of the Canadian pulp chemicals business of Tenneco Inc. (NYSE: TGT) for approximately $200 million.
 "We are very pleased to complete this acquisition. The product diversification should help Sterling dampen the economic effect of the significant cyclical swings that affect our current commodity chemicals products. The purchase also is significant in alleviating the risks of manufacturing at a single location," said J. Virgil Waggoner, president and chief executive officer of Sterling.
 Acquired in the transaction are the sodium chlorate production facilities in Vancouver, British Columbia; Grande Prairie, Alberta; Thunder Bay, Ontario; and Buckingham, Quebec. Also included are ERCO Systems Group which licenses and constructs large-scale generators used by the paper industry to convert sodium chlorate into chlorine dioxide for pulp bleaching, a sodium chlorite manufacturing plant at Buckingham, and the business headquarters building and research and development facilities in Toronto, Ontario.
 "We have spent considerable time in Canada learning our new business. We like the people and the facilities. We will be integrating our management style into their operations, with a strong emphasis on productivity, quality, safety and responsible environmental programs," said Waggoner.
 "We are meeting customers to assure them of our support of and commitment to the existing team at Sterling Pulp Chemicals. We will provide them the same high quality and service that our Texas City customers receive," Waggoner said.
 Sterling Chemicals was formed in 1986 to acquire its Texas City petrochemicals plant. The company is a major producer of seven petrochemicals products -- styrene monomer, acrylonitrile, acetic acid, plasticizers, lactic acid, tertiary butylamine and sodium cyanide.
 -0- 8/21/92
 /CONTACT: J. David Heaney of Sterling Chemicals, 713/650-3700, or Christine LeLaurin of Tenneco Inc., 713-757-2761/
 (STX TGT) CO: Sterling Chemicals, Inc.; Tenneco Inc. ST: Texas IN: CHM SU: TNM


PS -- NY057 -- 2236 08/21/92 15:45 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 21, 1992
Words:326
Previous Article:STANDARD FEDERAL BANK'S MANAGEMENT KNOWS OF NO REASON FOR RECENT STOCK PRICE WEAKNESS
Next Article:FAMILY VALUES IN THE BEDROOM THE Q-VEL REPORT ON NIGHTTIME LEG CRAMPS
Topics:


Related Articles
TENNECO AND STERLING CHEMICALS SIGN AGREEMENT IN PRINCIPLE ON PULP CHEMICALS BUSINESS
TENNECO SELLS PULP CHEMICALS BUSINESS TO STERLING FOR $202 MILLION; COMPLETES $3 BILLION RESTRUCTURING
STERLING BEGINS SITE SELECTION FOR U.S. SODIUM CHLORATE PLANT
VULCAN/CALLAWAY ANNOUNCE PLANS TO PURCHASE LION INDUSTRIES
NALCO CHEMICAL COMPANY ACQUIRES TEXO'S PULP AND PAPER CHEMICAL BUSINESS
STERLING CHEMICALS, INC. ANNOUNCES DEFINITIVE AGREEMENT
VULCAN'S CALLAWAY CHEMICAL COMPANY ACQUIRES MAYO CHEMICAL
Sterling Chemicals Holdings Agrees to Purchase Acrylic Fiber Business from Cytec Industries
Sterling Chemicals Holdings Agrees to Purchase Saskatoon Chemicals From Weyerhaeuser Canada

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