Aristech Acrylics LLC to Acquire Assets from Avonite, Inc.; New CEO and COO Appointed to Lead Merged Company.

Business Editors

FLORENCE, Ky.--(BUSINESS WIRE)--July 22, 2003

Aristech Acrylics LLC (AALLC) today announced that it will acquire the assets and operations of Avonite, Inc., of Belen, New Mexico. The acquisition is expected to close by July 31, 2003. The acquisition and merger of the two companies will position the combined entity, with a full line of acrylic and polyester solid surface sheet products to compliment its thermoformable and general-purpose acrylic sheet products.

"The acquisition is a step in the company's plan to continue to aggressively expand its acrylic and solid surface businesses" said Kazuya Mizuno, General Manager at Mitsubishi Corporation  (MC) and Chairman of AALLC.

Mitsubishi International Corporation, a wholly owned subsidiary of MC, that focuses on multi-industry trade and investment, will oversee the deal to ensure a smooth transition and steady growth of the business.

In conjunction with the acquisition, Aristech Acrylics LLC also announced that it has appointed David Knowles as president and chief executive officer and Kevin Alleman as executive vice president and chief operating officer of the combined entity effective July 21, 2003.

"We are excited about the leadership," said Mizuno, "I have confidence that Knowles and his team will be able to take our business in the direction that the shareholders desire. Knowles will apply his vast experience to drive growth and value creation, while Alleman will be responsible for day to day business activities including: sales and marketing, operations and research and development, thereby assuring the continuity of excellence that has been the hallmark of Aristech Acrylics LLC."

Knowles brings to AALLC a breadth of leadership experience driving growth and value in the materials industry. He has most recently lead Honeywell's global Performance Products business, has served as President of rapidly growing Accel Corporation where he continues as a director and shareholder, and served as the President of M. A. Hanna Company's Resin Distribution business.

Alleman has been with Aristech Acrylics LLC for 24 years, and prior to the acquisition and merger was President of AALLC. Alleman has served in a variety of roles covering all facets of the Company. Along with his team, Alleman has been responsible for building the business and facilities infrastructure that positions AALLC as the market leader in thermoformable acrylic sheet and a product and innovation leader in the acrylic solid surface market.

About Aristech Acrylics LLC

Aristech Acrylics LLC is a leading manufacturer and marketer of thermoformable and general purpose acrylic sheet and acrylic solid surface products.

About Avonite, Inc.

Avonite, Inc. is the solid surface industries recognized leader in innovation and design of high-end polyester solid surface products.

About Mitsubishi Corporation

Mitsubishi Corporation is a trading and investment company engaged in a wide range of businesses, including information technology and electronics, energy, metals, machinery, chemicals and living essentials. As one of the world's most diverse business enterprises, Mitsubishi Corporation works closely with its global clientele to develop new businesses through project coordination, sourcing of raw materials, capital investments and the development of sales and marketing channels. The company operates almost 40 offices in Japan and nearly 200 offices and subsidiaries overseas. In its fiscal year 2002, Mitsubishi Corporation's total trading transactions were $99.5 billion and its net income was $453 million.

About Mitsubishi International Corporation

Mitsubishi International Corporation (MIC), a wholly owned subsidiary of the Mitsubishi Corporation, is a multi-industry trading and investment company with $6.2 billion in annual revenue and 11 locations across the United States. Leveraging a worldwide network of international trading partners, the trading company conducts transactions in a comprehensive range of businesses, including chemicals, information technology, energy, metals, machinery and living essentials. MIC adds value through the ability to finance and invest in the development of companies and projects, as well as through expertise in providing the marketing, sourcing and logistics services needed for businesses to succeed. Headquartered in New York, the company may be found on the web at micusa.com.

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