Cleaning & Restoration Breaking News

BP Amoco Seeks Buyers for Plastic Processing Units

London, England -- (Bloomberg) BP Amoco is looking to sell two plastic-processing units—the plastic fabrics and fibers unit, which manufactures polypropylene plastic carpet backings, and its plastic-fabrication unit makes food wrap and car parts. BP said it expects to complete the divestments this year.

The announcement follows a similar move by larger rival Royal Dutch/Shell Group, which said two years ago it would shed 40 percent of its chemical assets to focus on commodity chemicals. There, large production and cheap access to oil-based raw materials offer a competitive advantage.

The two plastic-processing businesses BP wants to sell employ approximately 7,000 people, of whom 4,000 are in the U.S. and 2,000 in Germany, according to BP sources.

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