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CORIMON OF VENEZUELA ESTABLISHES SPONSORED ADR FACILITY WITH MORGAN GUARANTY TRUST COMPANY

 CORIMON OF VENEZUELA ESTABLISHES SPONSORED
 ADR FACILITY WITH MORGAN GUARANTY TRUST COMPANY
 NEW YORK, Nov. 25 /PRNewswire/ -- Corimon C.A., one of Venezuela's leading industrial companies, announced today that it has established a sponsored American Depositary Receipt (ADR) program. Each ADR represents 25 Corimon ordinary shares and will begin trading today in the over-the-counter market under the symbol CASAY. Morgan Guaranty Trust Company of New York will be the depositary for the ADR.
 According to Philippe Erard, president and chief executive officer of Corimon, the availability of shares in the United States is expected to enhance the company's international shareholder base and is consistent with Corimon's strategy of expansion within world markets.
 "The company has pursued a growth strategy based on utilization of Venezuela's natural resources to produce high value-added products that satisfy market needs both in Venezuela and abroad," Erard stated. "Locally abundant raw materials provide a strong competitive edge in world markets, and we plan to significantly expand our reports over the next several years."
 Corimon is one of the largest petrochemical producers in Venezuela with strong diversified businesses that each hold the leadership position in their markets. Corimon's product areas include paints, roofing materials, chemicals and petrochemicals, processed foods and packaging. Because of the company's broad product lines, reflecting the spectrum of basic demand in Venezuela, Corimon is well-positioned to benefit from the anticipated growth of the country's economy and the liberalization of trade.
 Corimon is engaged in partnership and joint venture arrangements with a number of major U.S. and foreign companies, including Olin Corporation, Reichold-Dai Nippon, ABB-Lummus, and National Starch. These partnership have helped bolster international sales and provide an opportunity for exchange of manufacturing expertise and technology.
 Corimon is headquartered in Caracas, with operations located throughout Venezuela. The company's shares are traded on the Caracas and Maracaibo stock exchanges.
 -0- 11/25/91
 /CONTACT: Victor Hugo Hernandez of Corimon C.A., 58-2-203-5597, or Kay Breakstone of Burson-Marsteller, 212-614-4449, for Corimon C.A./
 (CASAY) CO: Corimon S.A. ST: IN: SU:


CK-OS -- NY047 -- 6897 11/25/91 13:47 EST
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Publication:PR Newswire
Date:Nov 25, 1991
Words:345
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