Oxychem seeks buyer for Indspec

LOS ANGELES (June 19)—Occidental Petroleum Corp. is exploring options to sell or otherwise exit several of its chemical intermediate businesses by year-end. Occidental said it is seeking to focus its Oxychem chemical division on its core chlor-alkali and vinyls businesses. The operations for sale, including Indspec Chemical Corp., maker of resorcinol-based chemicals for tires, polyurethanes, wood adhesives and flame retardant applications, have combined annual sales of about $430 million, Occidental said. Oxychem´s performance chemicals businesses, including silicates, pool and chrome chemicals, will not be affected, Occidental said.