October 7, 1997 |
Arco Chemical Co. said it will take a third-quarter charge of $116 million, or $1.20 a share, for plant closings, job cuts and write-offs as part of a plan to reduce costs and boost its stock price. Arco Chemical announced the restructuring plan in May. In June, it said it would cut as many as 1,100 jobs, or about 20% of its work force, by the end of 1998, entailing an unspecified charge. The company was expected to earn 71 cents a share in the quarter, the average estimate of analysts.
October 11, 1996 |
Arco to Buy Olin Plastics Unit: Olin Corp. plans to spin off its aerospace and ordnance operations, and sell its polyurethane business to Arco Chemical Co. for $565 million to boost profit margins and strengthen its balance sheet. The Norwalk, Conn.-based company also would split its common shares 2-for-1, repurchase as much as 10% of its stock and seek a buyer for a Kentucky business that makes chemicals used in household cleaners.
June 16, 1992 |
Arco Chemical to Take $56-Million Charge: The company, controlled by Los Angeles-based Atlantic Richfield Co., said it expects to take the second-quarter charge in selling its 50% ownership of Yukong Arco Chemical Ltd., a troubled venture that Arco has held with Korea's largest oil refiner, Yukong Ltd. The subsidiary, Arco Chemical Co., which is 83.4%-owned by Arco, announced that the charge will cover the equity write-down and a payment to the Korean firm releasing it from further obligations.
October 18, 1991 |
Last month, the makers of Tushies, a "revolutionary" new disposable diaper, sued the chemical company that provided the diaper's superabsorbent fiber. Not until Tushies were on the market, they said, were they told that the fiber released a toxic substance when exposed to urine. The situation makes one think of other advances that had unexpected downsides. Some were discovered early. Some proved dangerous, even lethal, only much later.
January 4, 1991 |
Arco Chemical Co. agreed Thursday to pay a record $3.48 million in fines to the federal government for safety violations cited after a massive explosion at its Channelview, Tex., plant last July killed 17 people and sent a huge ball of flames shooting 200 feet into the night sky. Under terms of the agreement, the subsidiary of Los Angeles-based Atlantic Richfield Co. will also take measures to ensure workplace safety at the plant as well as three other company facilities.