New Jersey firm acquires part of BP's Lima chemical complex

23-Mar-05
BP PLC planned to gradually get out of the petrochemicals business about a year ago. BP chemical complex is on track to make the Lima, Ohio complex and 23 other petrochemicals operations a stand-alone company on April 1. Possibility of an initial public offering (IPO) is being considered to find investors later this year. All plants, except one - International Specialty Products Inc., of N.J., has acquired BP's US$100 million plant to make BDO used to make fire hoses, hair mousse, etc. Selling only the BDO plant separately was not part of BP's original plan, but the business has found a good owner in International Specialty- a BDO customer. This acquisition (for an undisclosed price) does not derail the British firm's plans to make the rest of the operation part of a stand-alone firm.
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