England Foreign Investments Los Angeles County

A British oil and gas firm outbid several larger competitors and will acquire a major Southern California oil refinery for $440 million from Union Pacific Corp., the current owners said Thursday. Ultramar PLC, which already operates in California through its Beacon Oil Co., agreed to buy a 100,000-barrel-per-day refinery in Wilmington, near Long Beach.

Products Research & Chemical Corp. in Glendale said Monday that it has agreed to be acquired by Courtaulds PLC, a British company, for about $260 million. PRC makes coatings, sealants, adhesives and other specialty chemicals. It earned $8 million on sales of $100.3 million in 1988. Courtaulds, a chemicals, textiles and industrial products concern, had bought 10.5% of PRC in May for $25 a share, or $21.7 million.

Last Oct. 13, former film lighting electricians John and Benny Lee seemed to be on top of the world. The British brothers had just bought Panavision, the Tarzana company that supplies 35-millimeter cameras and accessories to cinematographers in the movie and TV industry. That same day, the Lees bought out the public shareholders of Lee International, their London entertainment services conglomerate. The two deals cost $327 million.

A British oil and gas firm outbid several larger competitors and will acquire a major Southern California oil refinery for $440 million from Union Pacific Corp., the current owners said Thursday. Ultramar PLC, which already operates in California through its Beacon Oil Co., agreed to buy a 100,000-barrel-per-day refinery in Wilmington, near Long Beach.

Products Research & Chemical Corp. in Glendale said Monday that it has agreed to be acquired by Courtaulds PLC, a British company, for about $260 million. PRC makes coatings, sealants, adhesives and other specialty chemicals. It earned $8 million on sales of $100.3 million in 1988. Courtaulds, a chemicals, textiles and industrial products concern, had bought 10.5% of PRC in May for $25 a share, or $21.7 million.

Last Oct. 13, former film lighting electricians John and Benny Lee seemed to be on top of the world. The British brothers had just bought Panavision, the Tarzana company that supplies 35-millimeter cameras and accessories to cinematographers in the movie and TV industry. That same day, the Lees bought out the public shareholders of Lee International, their London entertainment services conglomerate. The two deals cost $327 million.