LOS ANGELES, Sept. 8, 2000 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that its subsidiary, Occidental Chemical Corporation, has signed a non-binding letter of intent with Sumitomo Bakelite Co., Ltd., for that company to acquire Occidental's Durez phenolic resins and compounding business and assets. Included in the proposed sale are manufacturing facilities at Niagara Falls, N.Y.; Kenton, Ohio; Fort Erie, Ontario, Canada; and Genk, Belgium.
The transaction is part of Occidental's previously announced program to focus its chemical division on its core chlor-alkali and vinyls businesses, and reflects Sumitomo Bakelite's intention to expand its worldwide business to North America and Europe.
Completion of the transaction is subject to the signing of a definitive agreement and regulatory review.