Unocal to seek prospective buyers for graphite, carbon businesses
El Segundo, Calif., April 25, 2000 -- Unocal Corporation today said that it has engaged Donaldson, Lufkin & Jenrette as its financial advisor to assist in considering the possible sale of Unocal's specialty graphite and carbon products businesses.
The possible sale would include Poco Graphite, Inc., a Texas-based maker of specialty graphite products, and certain assets that manufacture petroleum coke products in Illinois.
The proposed sale is part of a continuing transformation of Unocal into a global energy resource and project development company that is focused on the U.S. Gulf of Mexico region, South and Southeast Asia, Latin America and other areas. "This sale would help focus our management and capital on our core businesses - oil and gas exploration, project development and other energy-related opportunities," said Roger C. Beach, Unocal chairman and chief executive officer. "Our promising deepwater E&P portfolio and other oil and gas exploration plays provide the best opportunities to create value for the company's stockholders."
The company is in the process of completing the sale of its agricultural products business unit. Assuming clearance by the U.S. Federal Trade Commission, that transaction is expected to close in the second quarter.
Forward looking statements regarding future business transactions and asset sales in this news release are based on assumptions about operational, market, competitive, regulatory, environmental, political and other considerations. Actual results could differ materially as a result of factors discussed in Unocal's 1999 Form 10-K filed with the U.S. Securities and Exchange Commission.
Updated: April 2000