Abstract
Union Carbide will split into two companies sometime in 1992—one making chemicals and plastics, the other taking all Carbide's air separation business. The aim is for each company to be smaller, more streamlined, and more market-oriented. Carbide's board of directors last week approved the plan to spin off its industrial gases business to stockholders as a freestanding company. It also approved sale of about $500 million in assets by the chemicals and plastics unit. The spin-off will create a gases producer, as yet unnamed, that is expected to have almost $2.5 billion in annual sales next year. The splitup is expected to take about four to six months, during which Carbide intends to seek a ruling that the transaction will be tax-free to shareholders. Carbide's air separation business is the largest in the U.S., with capacity of almost 15,000 tons per day, or about 31% of total U.S. air separation capacity. Carbide and Air Products ...
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