Everything old is new again for OCI Company. The former DC Chemical Company makes basic chemicals (soda ash, acetic acid, etc.), fine chemicals (ingredients for rubber and glyphosate), and petro- and coal chemicals (carbon black, pitch, benzene, and xylene). OCI maintains manufacturing plants primarily in South Korea, though also throughout Asia, Europe, and North America. The company was formed in 1959 as Oriental Chemical Industries and changed its name to DC Chemical upon its 2001 merger with Korea Steel Petrochemical. It went back to its past in 2009, choosing a former nickname as its new corporate identity, following a period of restructuring.
OCI acquired Chicago-based CornerStone Power Development, a utility scale solar power plant development company, in 2011. CornerStone has 12 projects totaling more than 130MW in development in the US and Canada. It will become OCI Solar Power as an part of OCI's new Energy Division.
In 2009 OCI decided it wanted to boost its cash reserves as well as pay down its debt, so the company agreed to sell its two-thirds stake in Columbian to One Equity Partners for $150 million. OCI had originally paid about $250 million for Columbian but pointed to the worldwide economic mess as necessitating the sale. It soon changed its name to OCI, which it insists means "The Origin of Chemical Innovation."
Part of this innovation was OCI's entry into the polysilicon market during 2008. The material is a basic component for both solar cells and semiconductor wafers, two markets OCI is excited about serving. – less