Manufacturing Industry
Vulcan to sell chemicals business
Pit & Quarry, Nov, 2004
Vulcan Materials Co. has reached an agreement to sell the assets of its chemicals business, known as Vulcan Chemicals, to Basic Chemical Co. LLC, a subsidiary of Occidental Chemical Corp. The consideration to be received by Vulcan for the business consists of cash, contingent future payments under two earnouts, and the assumption of certain liabilities by the purchaser.
The assets of Vulcan Chemicals consist of chloralkali plants in Wichita, Kan., Geismar, La., and Port Edwards, Wis. The sale also includes the assets of Vulcan Chemicals' joint venture located in Geismar.
"Our focus is strategic growth in aggregates and related businesses," says Vulcan's chairman and CEO Donald M. James. "Although the chloralkali business has been a valuable asset historically, exiting chemicals will allow us to devote all of our resources to our construction materials business."
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