Oxy Pete Settles 1986 FTC Action Over Tenneco Acquisitions
WASHINGTON (AP) _ The Federal Trade Commission announced Friday that Occidental Petroleum will sell plastics factories in Texas, New Jersey and Louisiana to settle allegations of anti-trust violations.
In settling with the FTC, Occidental Petroleum did not admit wrongdoing.
The FTC objected to Los Angeles-based Occidental’s acquisition of poly vinyl chloride or PVC operations from Tenneco Inc. in 1986, claiming it concentrated too much of the market in too few hands. PVCs are plastics used to make pipe, siding and window frames.
Last April, the FTC ordered Occidental Chemical Corp., a Dallas subsidiary of OxyPete, to sell two plants in Pasadena, Texas and the Burlington South plant in Burlington, N.J.
But Occidental appealed to the federal courts, finally agreeing in a court- approved settlement to divest itself of a suspension PVC polymer plant in Pasadena, Texas and the Burlington plant.
But the FTC agreed to let OxyPete sell its Addis, La. plant rather than a larger Pasadena, Texas plant it acquired from Tenneco in 1986.