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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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Form 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 1996
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ARCO CHEMICAL COMPANY
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-9678 51-0104393
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(Commission File Number) (IRS Employer Identification No.)
3801 West Chester Pike, Newtown Square, Pennsylvania 19073-2387
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610)359-2000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On September 30, 1996, ARCO Chemical Company (the "Company") completed
the sale of its worldwide plastics business, including DYLITE(R) EPS and
DYLARK(R) engineering resins product lines, to NOVA Chemicals Inc. The sale was
structured as an asset transaction. The sale price was approximately $160
million. See copy of the Company's Press Release which is filed as Exhibit 99
to this Report.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits:
99 Press Release, dated October 1, 1996.
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SIGNATURE
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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 hereunto duly authorized.
ARCO CHEMICAL COMPANY
/s/ John A. Shaw
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John A. Shaw
Vice President
and Controller
October 10, 1996
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press Release, dated October 1, 1996
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ARCO Chemical Company [COMPANY LOGO APPEARS HERE]
PUBLIC AFFAIRS NEWS
3801 West Chester Pike
Newtown Square, PA 19073-2387
FOR RELEASE: IMMEDIATELY
ARCO CHEMICAL COMPLETES SALE OF PLASTICS BUSINESS
TO NOVA CORPORATION
Newtown Square, PA, October 1, 1996 -- ARCO Chemical Company (NYSE:RCM)
today announced the completion of the sale of its plastics business to NOVA
Chemicals Inc., a wholly owned subsidiary of NOVA Corporation (NYSE:NVA). A
letter of intent under which NOVA Chemicals proposed to purchase ARCO Chemical's
plastics business, including DYLITE(R) EPS and DYLARK(R) engineering resins
product lines, was signed on June 10, 1996. The sale price was approximately
US$160 million.
"We are pleased to have closed this transaction on the timetable we set at
the time of our announcement," commented Marvin O. Schlanger, Executive Vice
President and Chief Operating Officer of ARCO Chemical. "With the sale of our
plastics business now behind us, we can concentrate more fully on the strategic
growth areas of our company."
ARCO Chemical is a leading worldwide manufacturer and marketer of
intermediate chemicals and specialty products used in a broad range of consumer
and industrial products.
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For more information contact:
Gerald T. Davis, Public Relations (610) 359-3198
Patricia A. Bartlett, Investor Relations (610) 359-3171
EXHIBIT 99
