Occidental accepts loss
16/10/2002
Los Angeles-based Occidental Petroleum Corporation has said it will recognise a third-quarter loss of around $30 million for the sale of its chromium chemical business to British chemicals firm Elementis Plc.
The sale of the business to Elementis generated $40 million cash initially, a figure that could rise to as much as $6 million in future payments, depending on the unit's performance.
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