Occidental Buys 3 Chemical Makers

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.