| Deal Description | Diamond Shamrock Corporation used a portion of the proceeds from this transaction to retire its short-term borrowings. The balance of the proceeds was added to the general funds of the corporation, and were available for working capital, capital expenditures and other corporate purposes. Such capital expenditures included the completion of a chrome chemicals plant, a research and administration headquarters for the Nopco Chemical Division of the Chemical Company, and an expansion of the Oil and Gas Company's oil refinery, as well as construction of a textile chemicals plant and expansion of polyvinyl chloride resin production capacity. |
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