Abstract
Although questions about the particulars of Union Carbide's recently announced massive restructuring remain yet unanswered, analysts generally characterize the moves as a mix of streamlining plans that had been in deliberation for more than a year and measures taken in response to the recent increase of hostile takeover rumors. As reported earlier (C&EN, Sept. 2, page 6), Carbide, in moves designed to improve financial performance, intends to sell assets worth $500 million, write off assets worth another $865 million, reduce its staff by 4000 salaried employees, appropriate $500 million in surplus pension plan funds, buy back up to 10 million shares of common stock, revise its depreciation policies, and spend $220 million on environmental protection and plant safety measures. Those changes that are operational in their impact, such as the selling of some assets and the writing off of others, were in planning for some time, according to analysts. A number of sales that the ...
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