SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
August 1, 1994
UNION CARBIDE CORPORATION
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
1-1463 13-1421730
(Commission File Number) (IRS Employer Identification No.)
39 Old Ridgebury Rd, Danbury, CT 06817-0001
(Address of principal executive offices) (Zip code)
Registrant's telephone number,
including area code 203-794-2000
Item 5. OTHER EVENTS.
See Union Carbide Corporation press release dated
August 1, 1994 accompanying this report as Exhibit 99.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99. Press release, dated August 1, 1994.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 3,1994
UNION CARBIDE CORPORATION
By JOHN MACDONALD
J. Macdonald
Assistant Secretary
EXHIBIT INDEX
Exhibit
99. Press Release, dated August 1, 1994.
Exhibit 99
UNION CARBIDE NEWS RELEASE
CONTACT: Lou Agnello FOR RELEASE: Immediately
203-794-3386
UNION CARBIDE, ENICHEM TO FORM NEW POLYETHYLENE
COMPANY IN EUROPE
DANBURY, Conn., Aug. 1 -- Union Carbide Corporation and EniChem SpA,
Milan, Italy, today jointly announced that they intend to form a 50-50
joint venture to produce and market polyethylene in Europe. The two
companies have signed a memorandum of understanding, and are proceeding
with negotiation of definitive agreements. They anticipate a first quarter
1995 start up of the venture following European Community approval.
The planned JV will take advantage of Union Carbide's world-leading
UNIPOL Process technology and polyethylene business expertise and EniChem's
extensive marketing network and production facilities to create a
formidable force in European polyethylene markets.
The new company will own EniChem's existing polyethylene operations in
Italy, France and Germany. These facilities have a combined low, linear-
low and high-density polyethylene capacity of about 2.9 billion pounds per
year, among the largest of any producer in Europe. Also included in the JV
will be EniChem's olefins crackers at Brindisi and Dunkirk. Additional
ethylene will be sourced from other EniChem crackers.
Initially, the new company will build an 880 million pounds-per-year
UNIPOL PE Process facility at EniChem's Brindisi plant. According to the
business plan under discussion by the partners, UNIPOL PE plants would
subsequently be built by the JV at strategic polyethylene sites throughout
Europe.
Union Carbide Chairman and CEO Robert D. Kennedy said, "The planned
association with EniChem will bring leading edge UNIPOL technology to the
co-leader in polyethylene production in Europe. This combination, when
followed up with projects to expand and upgrade existing facilities, will
result in a highly competitive company with the lowest cost polyethylene
production base on the Continent."
Commenting on the agreement, EniChem President Dr. Marcello Colitti
said, "It's a real turning point in the life of EniChem. The company,
which has already obtained the approval of the European Community for its
recapitalization, is now in a position to advance its strategic
development. The planned joint venture will benefit from the significant
cost reductions already achieved by EniChem and from the first signs of
revitalization now seen in the markets."
