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DEXTER ANNOUNCES SETTLEMENT OF ENVIRONMENTAL LAWSUIT AND RELATED MATTERS

DEXTER ANNOUNCES SETTLEMENT OF ENVIRONMENTAL LAWSUIT AND RELATED MATTERS
 WINDSOR LOCKS, Conn., Sept. 3 /PRNewswire/ -- The Dexter Corporation (NYSE: DEX), a leading worldwide specialty materials manufacturer, announced today that it has reached a settlement with the government in respect of a lawsuit arising out of alleged violations of environmental laws at the company's nonwovens facility in Windsor Locks, Conn. As part of the settlement, Dexter has agreed to pay a civil penalty of $9 million. It has also agreed to conduct environmental audits and assessments and to upgrade its water treatment system at the Windsor Locks facility.
 Dexter further announced that, as part of its overall settlement with the government, it has entered a plea of guilty to criminal violations of environmental laws, and has agreed to pay a fine of $4 million. The criminal violations arise out of Dexter's handling of carbon disulfide at the company's Windsor Locks facility. Dexter developed new product technology which eliminated the use of carbon disulfide at the Windsor Locks facility. There is no evidence that these violations pose any threat to the residents of the area.
 During the third quarter of 1991, Dexter took a charge to earnings of $20.3 million to cover the costs of settling the environmental lawsuit and related matters. This amount was intended to cover not only the anticipated fines and penalties, but also the costs of environmental remediation of the company's Windsor Locks facility and associated legal and consulting fees. In management's opinion, the amounts accrued through Sept. 30, 1991, are sufficient to cover the full costs of all such matters.
 K. Grahame Walker, president and chief executive officer, stated that "We are pleased that the legal and financial exposure associated with environmental litigation regarding our nonwovens facility is now behind us." He also stated that "Dexter is committed to environmental responsibility and accountability in all aspects of its business operations worldwide, and Dexter will continue to take the actions necessary to assure full compliance with all environmental laws and to promote a pro-active health, safety and environmental program."
 The Dexter Corporation is a Fortune 500 company producing specialty materials and supporting services to customers in five strategic markets: aerospace, automotive, electronics, food packaging and medical. Founded in 1767, Dexter is the oldest company listed on the New York Stock Exchange.
 -0- 9/3/92
 /CONTACT: Bruce H. Beatt of Dexter, 203-292-7601/
 (DEX) CO: Dexter Corporation ST: Connecticut IN: ARO SU:


TS-PS -- NY060 -- 6431 09/03/92 12:37 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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