CLEVELAND - Occidental Petroleum Corp. has purchased Laurel Industries Inc., a compounder and North America's largest producer of the flame retardant antimony oxide, also used in the manufacture of PET. Terms were not disclosed.
Laurel Industries will continue to be based in Cleveland. Its major antimony oxide refinery is in LaPorte, Texas. Several years ago, the company diversified into compounding, with a plant in Sharon Center, Ohio.
Laurel was formed in 1983 when a group of investors acquired the antimony oxide operations of PPG Industries Inc. of Pittsburgh. Two of the founders, Richard Schwartz and Carlos Tejada, will remain with Laurel as executive vice presidents.
Dallas-based Occidental Petroleum bought Laurel to increase its specialty chemical business.