Pennwalt Buyer to Locate in Philadelphia: The...

Pennwalt Buyer to Locate in Philadelphia: The French company that bought Pennwalt Corp. in October plans to make Philadelphia the headquarters for its North American chemical operations, but Pennwalt will lose its name. Atochem S.A., the international chemical arm of Societe Nationale Elf Aquitaine, said it will combine its three U.S. chemical businesses, including Philadelphia-based Pennwalt, and call the new subsidiary Atochem North America. The subsidiary will generate annual sales of $1.5 billion and employ about 5,000, company officials said.