BP Amoco seeks buyers for plastic processing units
The London-based company wants to sell its plastic fabrics and fibers unit, the world's largest maker of polypropylene plastic carpet backings, and its plastic-fabrication unit, which 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% of its chemical assets to focus on commodity chemicals.
Also, BP agreed to swap its engineering plastic business for Solvay SA's polypropylene-plastic business last year and said it would set up a joint venture for some polyethylene plastic-manufacturing businesses with the Belgian chemical maker.
The two plastic-processing businesses BP wants to sell employ some 7,000 people, of whom 4,000 are in the U.S. and 2,000 in Germany, said David Nicholas, a BP spokesman.