A chemical process developed by Dr. Chaim Weizmann 12 years ago will be put on the market by a newly-organized British company named Petrocarbon, Ltd., it was reported today.
The Government-sponsored Finance Corporation for Industry will provide 50 percent of the total loan capital of $8,000,000. Dr. Weizmann will receive $2,000 annually as a consultant, $36,000 in cash for promising not to act as consultant for any other company, and a portion of $200,000 which will be paid for certain shares, licenses and patents held by Dr. Weizmann and others.
The process to be marketed produces raw materials from petroleum to make paints, dyes, plastics, cosmetics and insecticides, which were hitherto obtained from coal tars.
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