LOS ANGELES, Oct. 11, 2002 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) has agreed to sell its chromium chemical business to United Kingdom based Elementis plc for $40 million in cash and up to an additional $6 million in future performance based proceeds. As a result of the sale, Occidental will recognize an after-tax loss of approximately $30 million. The loss will be recognized in the third quarter results.
The transaction, which is subject to regulatory approvals, is expected to close by yearend.
Note: This press release may contain forward-looking statements which reflect management's expectations and are based upon data available at the time the statements were made. Actual results are subject to future events and uncertainties, which could materially impact performance.