UNION OIL OF CALIFORNIA, ROHM AND HAAS REACH AGREEMENT FOR SALE OF UNOCAL EMULSION POLYMERS BUSINESS
UNION OIL OF CALIFORNIA, ROHM AND HAAS REACH AGREEMENT
FOR SALE OF UNOCAL EMULSION POLYMERS BUSINESS
LOS ANGELES, Nov. 18 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) said today that its Union Oil Co. of California subsidiary and the Rohm and Haas Co. (NYSE: ROH) have reached an agreement in principle for the sale of Unocal's emulsion polymers business.
Under the terms of the agreement, Unocal would sell its technical service center located in Charlotte, N.C., and its six polymer manufacturing facilities located nationwide.
Unocal's emulsion polymer business manufactures and markets a broad range of emulsion polymers. The company's technical service center helps develop new uses and markets for polymers which are used in coatings, textiles, adhesives, packaging, nonwovens and paper.
Rohm and Haas, based in Philadelphia, is a manufacturer of specialty chemicals.
Unocal's six manufacturing facilities include two in Charlotte, and one each in Kankakee, Ill.; La Mirada, Calif.; Newark, Calif. and Lemont, Ill.
The sales price and terms were not disclosed. Closure of the sale is anticipated by year end.
The transaction is conditioned upon obtaining the necessary permits and approvals as well as expiration of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
/CONTACT: James H. Bray of Unocal, 213-977-5390/
(UCL ROH) CO: Unocal Corp.; Union Oil Co. of California; Rohm and Haas Co. ST: California, North Carolina IN: OIL SU: TNM KJ -- LA005 -- 1258 11/18/91 09:10 EST