P.M. BRIEFING : Union Carbide Projects Profits
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DANBURY, Conn. — Union Carbide Corp. announced today it expects to see profits of more than $600 million under a restructuring plan that includes selling some of its assets.
Under the plan, Union Carbide will sell up to 50% of the equity in its UCAR Carbon Co. Inc. subsidiary, a major supplier of carbon and graphite electrodes to the steel industry. The sale is expected to result in a non-recurring after-tax book loss of up to $90 million, said Robert D. Kennedy, Carbide’s chairman and chief executive officer.
Carbide said it plans to sell its remaining 50% interest in KEMET Electronics Corp., which supplies capacitors, and Lincare Inc., a home oxygen and respiratory care supplier.
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