NEWTOWN SQUARE, Pa., Oct. 1 /PRNewswire/ -- ARCO Chemical Company
(NYSE: RCM) today announced the completion of the sale of its plastics
business to NOVA Chemicals Inc., a wholly owned subsidiary of NOVA Corporation
(NYSE: NVA). A letter of intent under which NOVA Chemicals proposed to
purchase ARCO Chemical's plastics business, including DYLITE(R) EPS and
DYLARK(R) engineering resins product lines, was signed on June 10, 1996. The
sale price was approximately US$160 million.
"We are pleased to have closed this transaction on the timetable we set at
the time of our announcement," commented Marvin O. Schlanger, Executive Vice
President and Chief Operating Officer of ARCO Chemical. "With the sale of our
plastics business now behind us, we can concentrate more fully on the
strategic growth areas of our company."
ARCO Chemical is a leading worldwide manufacturer and marketer of
intermediate chemicals and specialty products used in a broad range of
consumer and industrial products.
SOURCE ARCO Chemical Company
 back to top
CONTACT:
Sallie D. Anderson, 610-359-5773, or Patricia
A. Bartlett, Investor Relations, 610-359-3171, both of ARCO
Chemical
|
