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)
January 26, 1995
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
Total number of sequentially numbered pages in this filing,
including exhibits thereto: 5
Item 5. OTHER EVENTS.
See Union Carbide Corporation press release dated
January 26, 1995 accompanying this report as Exhibit 99.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99. Press release, dated January 26, 1995.
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: February 8,1995
UNION CARBIDE CORPORATION
By J. MACDONALD
J. Macdonald
Assistant Secretary
EXHIBIT INDEX
Exhibit
99. Press Release, dated January 26, 1995.
Exhibit 99
UNION CARBIDE NEWS RELEASE
CONTACT: Tomm F. Sprick
(203) 794-6992
BLACKSTONE CAPITAL PARTNERS ACQUIRES 75% INTEREST
IN UCAR INTERNATIONAL, OWNED JOINTLY BY UNION CARBIDE, MITSUBISHI
Union Carbide Retains 25 Percent Equity Ownership
In Corporate Partnership With Blackstone
DANBURY, Conn., Jan. 26 -- Union Carbide Corporation (UCC) and
Mitsubishi Corporation of Japan today announced that they have concluded
the sale of newly issued common stock representing 75 percent of UCAR
International Inc.'s outstanding shares to a new company formed by
Blackstone Capital Partners II Merchant Banking Fund L.P.
UCAR has been a joint venture of UCC and Mitsubishi, which purchased
50 percent interest in UCAR in 1991. UCC received $346.5 million in cash
proceeds and retained a 25 percent equity interest in UCAR. The
transaction will result in a nonrecurring, material gain for Union Carbide
that will be based on a final evaluation of assets and obligations, and
will be recorded in the first quarter of 1995. UCC plans to use the cash
proceeds for general corporate purposes.
UCAR redeemed all of the shares owned by Mitsubishi for $406 million
in cash.
UCAR is the largest manufacturer of graphite and carbon electrodes in
the world.
Union Carbide Corporation is a worldwide, basic chemicals company with
advanced process technologies and large-scale chemical production
facilities. Union Carbide had sales of more than $4.8 billion in 1994.
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