KaiserTech Decides to Sell Its Energy Business
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Kaiser Aluminum & Chemical, the operating subsidiary of KaiserTech, agreed to sell Kaiser Energy to Presidio Oil Co. of Denver for an undisclosed price. KaiserTech said that the financial effect of the sale on KaiserTech was anticipated as part of writedowns taken in the second quarter, indicating that the oil and gas exploration and production firm was sold for less than book value. As part of the sale, Kaiser Aluminum will buy natural gas from Presidio for certain aluminum production facilities.
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