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A specialty chemical company, based in Pittsburgh, and the world's largest producer of resorcinol, a versatile compound used in tires, wood adhesives, sunscreens, pharmaceuticals and other products. CHPII acquired INDSPEC in 1993, and as part of the acquisition the company's management and employees acquired 48 percent of the common stock. The company was sold to Occidental Petroleum Corp. in 1996 in a transaction valued at more than $300 million and earned the average employee $70,000 through the company's ESOP.
April 29, 1996
Castle Harlan Fund Completes Sale Of INDSPEC to Occidental Petroleum
NEW YORK, April 29 -- Castle Harlan, Inc., the New York merchant bank, said today that an affiliated investment partnership had completed the previously announced sale of its stake in INDSPEC Chemical Corporation to Occidental Petroleum Corp. as part of…
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