LOS ANGELES, Nov. 1, 2000 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) said today that it has completed the previously announced sale of its Durez phenolic resins and compounding business and assets to Sumitomo Bakelite Co., Ltd.
The sale is part of Occidental's strategy to focus its chemical division on its core chlor-alkali and vinyls businesses. Net after tax proceeds of $120 million from the sale will be used as part of Occidental's debt reduction program.
Manufacturing facilities included in the sale are located in Niagara Falls, N.Y.; Kenton, Ohio; Fort Erie, Ontario, Canada; and Genk, Belgium.
Forward-looking statements and estimates regarding exploration and production activities, oil, gas and commodity chemical prices, operating costs and their related earnings effects in this release are based on assumptions concerning market, competitive, regulatory, environmental, operational and other conditions. Actual results could differ materially as a result of factors discussed in Occidental's Annual Report on Form 10-K.