BP acquires Itochu's minority interest in Arco Polypropylene

Omnexus - Dec 5, 2002

LONDON, Dec. 5 -- BP has purchased Itochu's minority stake in the companies' joint venture, Arco Polypropylene LLC. Financial details were not disclosed. The joint venture, which operates a 200,000-metric-ton/yr polypropylene plant in Carson, CA, was 85% owned by BP's subsidiary Arco Polypropylene Co. and 15% owned by Itochu's subsidiary Ciplas America Inc. Itochu is a leading Japanese trading company. The Carson plant is currently operated by BP. The commercial operations will now be consolidated into BP's North American polymers business unit, based in Naperville, IL. Ciplas America will continue to market production from the Carson facility in Asia and South America as a sales agent. The...

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