Occidental Sells Church & Dwight Shares: Occidental...
From Times Staff and Wire Reports
Occidental Sells Church & Dwight Shares: Occidental Petroleum Corp., which recently announced a major corporate restructuring, said it would sell back its 5.4% (1.11-million-share) stake in Church & Dwight Co. to the company for $19 million. Occidental acquired the stock in 1986 as it established a joint venture with the chemical company to make and market potassium carbonate. Earlier this month, Occidental Chairman Ray R. Irani said he would sell assets, cut the dividend and lay off employees in an effort to reduced the company’s heavy debt load. Church & Dwight makes Arm & Hammer baking soda.
