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BUSINESS
December 17, 1997 | Bloomberg News
Arco Chemical Co. said its board approved a five-year, $2.3-billion spending plan, about $300 million less than it set aside last year for the period 1997 through 2001. Capital spending in 1997 is expected to be about $275 million, less than the Newtown Square, Pa.-based company expected a year ago. When Arco Chemical last year laid out its capital plan, it anticipated spending $450 million in 1997, said spokeswoman Sallie Anderson. Capital spending in 1998 is forecast at $565 million.
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BUSINESS
June 2, 1998 | From Bloomberg News
Atlantic Richfield Co. is talking to potential buyers of all or part of its 82.3% stake in Arco Chemical Co. and will decide what to do with the business by the end of the year, Chairman Michael Bowlin said. A sale of the chemical business, which analysts say could fetch $6 billion, fits the Los Angeles oil company's goals of focusing on oil production while reducing debt after it completes the buyout of Union Texas Petroleum Holdings for $3.3 billion later this year.
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BUSINESS
October 7, 1997 | Bloomberg News
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.
BUSINESS
December 17, 1997 | Bloomberg News
Arco Chemical Co. said its board approved a five-year, $2.3-billion spending plan, about $300 million less than it set aside last year for the period 1997 through 2001. Capital spending in 1997 is expected to be about $275 million, less than the Newtown Square, Pa.-based company expected a year ago. When Arco Chemical last year laid out its capital plan, it anticipated spending $450 million in 1997, said spokeswoman Sallie Anderson. Capital spending in 1998 is forecast at $565 million.
NEWS
July 8, 1990 | from Associated Press
The Arco Chemical Co.'s inquiry into the plant explosion that killed 17 people has been stymied by a court order issued Saturday at the request of a victim's wife. In response to her negligence lawsuit against the company, a judge granted a temporary restraining order preventing Atlantic Richfield Co. and Arco Chemical from making any changes to the accident scene. Atlantic Richfield, based in Los Angeles, owns 83% of Arco Chemical.
BUSINESS
June 23, 1987
Arco Chemical Co. is seeking to arrange $700 million in credit to be used to make a special payment to its parent, Atlantic Richfield Co., the companies said. At the same time, the board of the parent company approved looking into the possibility of selling 19.9% of Arco Chemical to the public. It was announced last week that management was investigating the plan. Repayment of the $700 million in credit, being arranged by Morgan Guaranty Trust Co.
NEWS
July 9, 1990 | From Times staff and Wire reports
The widow of a millwright killed in an explosion at the Arco Chemical Co. in Channelview, Tex., said her husband called her half an hour before the blast, saying workers restarting equipment there were afraid it might explode. Lori Davis, 26, said her husband, Michael, had been working at the plant Thursday for Austin Industrial Inc., a subcontractor at Arco Chemical. Davis, 24, called home about 11:15 p.m., she said. Davis died in a blast minutes later along with 16 others.
BUSINESS
June 16, 1992 | From Times Staff and Wire Reports
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.
BUSINESS
April 17, 1996 | Times Staff and Wire Reports
Arco Chemical Plans Facility in Europe: The plant will be built in Rotterdam, Netherlands, with an undisclosed equity partner to produce plastic products. Arco Chemical Co., based in Newton Square, Pa., also said it plans to upgrade its plastic raw materials plant in Channelview, Texas. The Channelview plant and a related project will replace a less efficient unit that produces ethylbenzene, a raw material for plastics. The projects will use up the majority of Arco Chemical's $2.
BUSINESS
October 7, 1997 | Bloomberg News
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.
BUSINESS
October 11, 1996 | Times Staff and Wire Reports
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.
BUSINESS
June 16, 1992 | From Times Staff and Wire Reports
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.
BUSINESS
October 18, 1991 | S. J. DIAMOND
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.
BUSINESS
January 4, 1991 | J. MICHAEL KENNEDY, TIMES STAFF WRITER
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.
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