May 8, 1989
Kaiser Aluminum & Chemical Corp.: The Oakland-based operating subsidiary of KaiserTech Limited said net income rose 84% to $70.2 million in the first quarter. Revenue was flat at $521.5 million for the quarter. The company said improved financial results reflect continued strong demand and pricing for aluminum, a favorable product mix and lower unit production costs as a result of higher volume, productivity gains and better use of plants and equipment.
April 20, 1989
KaiserTech to Sell Last Chemical Firm: KaiserTech Ltd., continuing several years of selling assets to pare down debt, has reached an agreement to sell the last remaining piece of its chemical business to Dutch chemical giant Akzo. KaiserTech, the parent company of Kaiser Aluminum & Chemical Corp., will sell Filtrol Corp. of Vernon, Calif., but did not disclose terms of the sale, which is subject to government approval. Filtrol produces fluid cracking catalysts that are used in petroleum refining to improve gasoline quality and yield.
December 28, 1988
Chrysler Motors announced that Eagle Premier prices will increase by up to $600 effective with Jan. 2 shipments . . . Kemper/Bedford Properties' wholly owned subsidiary, Kaiser Development Co., has exercised its option to purchase Kaiser Hawaii Kai Development Co. from Kaiser Aluminum & Chemical Corp. for an undisclosed price . . . The Federal Reserve said the average yield for one-year T-bills, the most popular index for making changes in adjustable rate home mortgages, fell to 9.0% last week after averaging 9.10% the week before . . . Houston-based Baker Hughes Inc. reported that the number of working oil and natural gas rigs increased by 10 to total 940, marking the third straight week of gains.
May 30, 1988 |
Ten years ago, Texas-born Charles E. Hurwitz sashayed into Los Angeles and waltzed away with McCulloch Oil Co. Since then, the mild, owlish-looking takeover artist has been building a natural resources empire centered in California. Adding to the oil and extensive land holdings acquired with McCulloch, Hurwitz picked up one of the world's largest holdings of redwood timberland in Northern California by acquiring Pacific Lumber Co. in 1986.
October 1, 1987 |
As part of the continuing shrinkage of the company, loss-plagued Kaiser Aluminum & Chemical said Wednesday that it is cutting its corporate staff in Oakland by about 42% in the next several months. Kaiser Aluminum's headquarters staff of about 330 persons will be reduced by about 140, the company said. Most of the layoffs will happen in October, with the remainder following by early next year, spokesman Robert W. Irelan said. The layoffs will affect every department, Irelan said.
July 20, 1987
Kaiser Aluminum & Chemical, the operating subsidiary of KaiserTech, agreed to sell Kaiser Energy to Presidio Oil Co. of Denver for an undisclosed price. KaiserTech said that the financial effect of the sale on KaiserTech was anticipated as part of writedowns taken in the second quarter, indicating that the oil and gas exploration and production firm was sold for less than book value.
July 8, 1987 |
Kaiser Aluminum & Chemical said Tuesday that it has hired two investment banking firms to help the Oakland company sell its chemicals business and to investigate possible joint-venture or sale opportunities for its aluminum operations. But despite the possible sales, Kaiser Aluminum, the operating subsidiary of KaiserTech Ltd., is not being liquidated, a company spokesman said.
May 30, 1987 |
Cornell C. Maier will resign June 26 as chairman and chief executive of Kaiser Aluminum, where he has worked since 1949, KaiserTech Ltd., the Oakland company's newly formed parent firm, said Friday. Maier, 62, also will resign as vice chairman and president of KaiserTech, but not until Jan. 1, the company said. Maier will continue as a director of KaiserTech and Kaiser Aluminum and will serve as a consultant until Dec. 31, 1992. Maier will be succeeded at Kaiser Aluminum by James S.