Occidental to Take a Loss of $30 Million
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CHEMICALS
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Occidental Petroleum Corp. said it would take a $30-million loss in the third quarter on the sale of a chromium chemical plant to Britain-based Elementis because the facility’s main product was banned by the U.S.
Elementis will pay $40 million in cash, plus as much as $6 million dependent on the future performance of the Castle Hayne, N.C., business, Occidental said.
Occidental sold the plant for less than book value because its main product line had been lost. The Environmental Protection Agency in February banned the use of chromated copper arsenate for preserving wood.
Shares of Westwood-based Occidental rose 14 cents to $28.40 on the NYSE.
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