Chemed Announces Restructuring Plans; to Take $15 Million to $18 Million Charge in Fourth Quarter.

Business Editors

CINCINNATI--(BUSINESS WIRE)--Nov. 30, 2001

Chemed Corporation (NYSE:CHE) (OTCBB:CHEQP) today announced that its Board of Directors has approved a restructuring plan that will result in an aftertax charge in the fourth quarter of approximately $15 million to $18 million. Significantly, a majority of the charges are noncash charges, and substantial savings are expected as a result of the restructuring initiatives.

Among the major elements of the restructuring plan are the following:

-- Chemed will reduce corporate headquarters personnel, as well as reduce its
Board of Directors by two inside directors.

-- Chemed's flagship Roto-Rooter subsidiary will exit various underperforming
heating, ventilating, and air-conditioning (HVAC) businesses and
non-Roto-Rooter-branded plumbing operations. Divestment of these operations
will enable management to focus on the core Roto-Rooter plumbing and
drain-cleaning businesses, which it expects to expand through franchise
acquisitions.

-- Chemed's Service America major-appliance and HVAC service subsidiary and
Patient Care home-healthcare subsidiary will reduce personnel and write down
certain nonperforming assets and intangibles.

-- Chemed's long-term debt will be restructured in order to take advantage of
current attractive interest rates.

Chemed will provide more details about these restructuring initiatives
with its 2001 year-end results to be reported in February 2002.

Chemed Corporation (www.chemed.com), headquartered in Cincinnati, is a New York Stock Exchange-listed corporation with strategic positions in plumbing and drain cleaning; residential appliance and air-conditioning repair; and home healthcare services.

Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.