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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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): APRIL 17, 1995.
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LYONDELL PETROCHEMICAL COMPANY
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 1-10145 95-4160558
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(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
1221 MCKINNEY STREET, SUITE 1600, HOUSTON, TEXAS 77010
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICERS) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (713) 652-7200
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NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
PAGE 1 OF 3
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ITEM 5. OTHER EVENTS.
Press Release dated April 17, 1995, regarding Lyondell's Agreement to purchase
Occidental Chemical Company's Alathon(R) high-density polyethylene business.
Page 2 of 3
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SIGNATURES
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.
Dated: April 17, 1995 LYONDELL PETROCHEMICAL COMPANY
By: /s/ Joseph M. Putz
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Joseph M. Putz
Vice President and Controller
Page 3 of 3
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EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NUMBERED PAGE
NO. EXHIBITS WHERE LOCATED
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99 Press Release dated April 17, 1995
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NEWS
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LYONDELL PETROCHEMICAL COMPANY TO PURCHASE
ALATHON(R) HIGH-DENSITY POLYETHYLENE BUSINESS
FROM OCCIDENTAL CHEMICAL
HOUSTON, April 17, 1995 -- Lyondell Petrochemical Company (NYSE:LYO)
announced today that it has signed an agreement with Occidental Chemical
Corporation, an affiliate of Occidental Petroleum Corporation, to acquire
Occidental Chemical's Alathon(R) high-density polyethylene (HDPE) business for
$350 million plus inventory. Assets involved in the transaction include resin
production facilities at Victoria and Matagorda, Texas, and the associated
research and development facility. These facilities have a combined annual
capacity of approximately 1.5 billion pounds of HDPE. The business employs a
workforce of approximately 350 people.
HDPE is used to make plastic films and resins for a wide variety of
consumer goods. Among the products produced at the facilities involved in the
transaction is a high molecular weight film resin that is generally regarded as
the benchmark for the industry.
As part of the agreement, Occidental Chemical will supply ethylene, the
principle feedstock for HDPE, to these plants for a transitional period.
Ultimately, Lyondell plans to supply ethylene for the facilities primarily from
its Channelview (Texas) Petrochemical Complex. In addition, Lyondell will
acquire the rights to the Alathon(R) trademark.
"We are very pleased with the opportunities created for Lyondell by this
acquisition," said Bob G. Gower, Chairman and Chief Executive Officer of
Lyondell Petrochemical Company. "Lyondell has been a major factor in the
merchant market for ethylene for many years and we plan to continue to be a
major merchant supplier. However, this transaction will provide important
additional downstream integration, a key part of our strategic plan to build a
stronger earnings floor."
"The transaction is consistent with our goal of creating additional
value in our core petrochemical businesses," said Dan F. Smith, Lyondell's
President and Chief Operating Officer. "This is a good business with quality
assets that fits well with our existing businesses. We plan to take full
advantage of the synergies created between these businesses to enhance our low
cost position."
The transaction is expected to close on or before May 15, 1995. Lyondell
expects to finance the acquisition from internal cash and existing credit lines.
Lyondell Petrochemical Company produces a wide variety of
petrochemicals, including olefins (ethylene, propylene, butadiene, butylenes and
specialty products), methanol and MTBE, low-density polyethylene and
polypropylene. Lyondell currently has an approximate 90 percent participation
interest in LYONDELL-CITGO Refining Company Ltd., which produces refined
petroleum products, including gasoline, heating oil, jet fuel, aromatics and
lubricants.
For information, contact:
Media - Jackie Wilson (713) 652-4596; Investors - Dave Balderston (713) 652-4590
