Occidental Buys 3 Chemical Makers
- Share via
Occidental Petroleum Corp. said Tuesday that it has acquired three specialty chemical producers in separate transactions for $146 million, including $127 million in Occidental common stock.
The purchases are part of Westwood-based Occidental’s strategy of expanding its specialty chemicals business to yearly earnings of $250 million by 2000. The unit earned $65 million in 1995. “These acquisitions will contribute immediately, on a non-dilutive basis, to Occidental’s earnings and cash flow,” Chief Executive Ray Irani said.
At Occidental’s Friday closing price of $23.25, the $127-million worth of stock would equate to 5.5 million shares. Occidental has more than 323 million shares outstanding. On Tuesday, Occidental closed up 37.5 cents at $23.625 on the New York Stock Exchange.
Helmerich & Payne Inc. said Occidental paid $48 million in stock for its Natural Gas Odorizing Inc. unit.
Occidental bought from private investors Laurel Industries Inc., which produces antimony oxide at a facility in LaPorte, Texas.
Occidental also purchased a plant in Augusta, Ga., from Power Silicates Manufacturing Inc.
In addition to chemicals, Occidental explores for and produces oil and natural gas worldwide, makes agricultural products and mines coal.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
