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Article: Travis Street undaunted by ICO unit sale.(Brief Article)(Statistical Data Included)
- Article from:
- Plastics News
- Article date:
- April 9, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON -- Travis Street Partners LLC of Houston still wants to gain control of plastics compounder ICO Inc., in spite of ICO's plans to sell its oil field services business to a competitor for $165 million.
Oil field services accounted for about one-third of the $325 million sales total Houston-based ICO recorded in fiscal 2000. Selling the unit to Varco International Inc. of Orange, Calif., would help ICO pay off most of its debt and would make ICO a "pure play petrochemicals processing company with a strong balance sheet," Al Pacholder, ICO chairman and chief financial officer, said in a March 26 news release.
ICO's main businesses are grinding, toll ...