| Deal Description | Diamond Shamrock Corporation used a portion of the proceeds from this transaction to retire all of its domestic short-term borrowings outstanding at the time of the sale. These short-term borrowings were incurred principally for working capital purposes to support higher levels of inventories and receivables. The balance of the proceeds was added to the general funds of the corporation and, together with internally generated funds, was utilized primarily for capital expenditures. Projects underway at that time included a polypropylene facility, a fungicide plant, a manganese metal production facility, and an ethane extraction plant. |
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