ConocoPhillips shutters carbon fiber effort - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

ConocoPhillips shutters carbon fiber effort

Updated:
(Houston-AP) -- Two years ago, Conoco touted carbon fiber as one of the oil company's next big things.

But successor ConocoPhillips announced Thursday it was scrapping plans for the material because the market has turned out to be weaker than expected.

Conoco announced in December 2000 that it had opened a carbon fiber office in Tokyo to market the substance derived from pitch -- a gummy byproduct of oil exploration.

Conoco aimed to double world production of the material.

The decision not to go forward means the company will have to take a 125 (M) million dollar writedown. But it also will have annual savings of 25 (M) million dollars from the shutdown of a new manufacturing facility in Ponca City, Oklahoma.

The decision also means that 175 workers on the project either will be reassigned or laid off.

The Houston-based company says it will pursue other carbon-related businesses.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.