Millennium and Union Carbide Exceed Analysts 4Q Expectations.

From: Chemical Market Reporter | Date: February 7, 2000| Author: | Copyright information

Millennium makes Equistar offer to Lyondell, OxyChem.

THE SECOND BATCH of fourth quarter 1999 earnings for major US chemical manufacturers improved significantly. Strong volume gains and higher product pricing for basic petrochemicals more than offset increased raw material costs.

Millennium and Union Carbide beat Wall Street expectations, although Eastman fell short on first glance. Millennium also took a major step toward divesting its 29.5 percent stake in Equistar by making its partners Lyondell and Occidental Chemical an offer that they subsequently declined.

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