GARDENA, CALIF. - In another move out of the advanced materials business, BP Chemicals Ltd. sold its Hitco operations Nov. 17 to Veritas Capital Partners Inc., a privately held New York investment firm. Terms were not disclosed.
``BP has been planning to divest this business and others as a strategic move, and we're glad to see that effort complete,'' said Michael M. Thompson, Hitco president and chief executive.
Thompson said no changes are planned at Hitco Technologies Inc. BP bought Hitco in 1987.
The company makes structural composites and high-temperature materials such as carbon. The 320 employees at the 400,000-square-foot Gardena headquarters plant make rocket motor nozzles, aircraft carbon/carbon brakes, aircraft structures and insulation. Another 30 workers in nearby Long Beach manufacture Navy submarine bow domes and other products.
London-based BP Chemicals made the divestiture decision in 1992. It is down to one advanced materials division: a Bristol, England, unit that makes flight structures.