Koppers' chemical unit to be sold

As expected, the chemicals group of Koppers Co., the Pittsburgh-based construction products and chemicals company, will be sold. Chemical entrepreneur Gordon A. Cain will be chairman of the new entity, to be called Koppers Chemical Co. Last week a letter of intent was signed to enable a management group at Koppers and Sterling Group, which Cain heads, to purchase Koppers' chemical and allied products business from U.K. construction firm Beazer. Last month, Beazer completed the acquisition of Koppers for about $1.8 billion after an acrimonious takeover battle. Glen C. Tenley, 60, will be president and chief executive officer of the new company. He was president and chief operating officer of Koppers. The letter of intent provides for the buyout group to purchase the assets of the unit for $660 million in cash. Koppers' chemical business had sales in 1987 of $606 million and operating income of $31.3 million. The business will continue to ...