31 May 2002 20:08 [Source: ICIS news]
HOUSTON (CNI)--Great Lakes Chemical said Friday it has completed the sale of its 53% holding in Osca to BJ Services, receiving $200m (Euro212.8m) in after-tax proceeds.
Mark Bulriss, chairman, president and chief executive officer of Great Lakes, said the transaction represents a step in positioning Great Lakes for the future.
He added: "The transaction not only allows Great Lakes to focus on growth opportunities in our core water treatment, polymer additives and performance chemicals businesses, it meaningfully reduces our debt leverage and provides us with one of the strongest balance sheets in the industry."
Said BJ Services chief executive JW Stewart: "We have made significant progress in developing transitional plans and look forward to beginning the implementation phase."
Osca shares will no longer trade on the Nasdaq, the company said.
Based in Lafayette, Louisiana, Osca is a major provider of oil and gas well completion fluids, completion services and downhole completion tools.
Indianapolis, Indiana-based Great Lakes Chemical is a global producer of certain specialty chemicals for such applications as flame retardants, polymer stabilisers, fire extinguishants, and water treatment.
BJ Services of Houston is a leading provider of pressure pumping and other oilfield services to the petroleum industry.
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