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Engelhard completes acquisition of Mearl Corporation for $272.7 million.

ISELIN, N.J.--(BUSINESS WIRE)--May 31, 1996--Engelhard Corporation (NYSE:EC) said today it has completed its previously announced acquisition of Mearl Corporation, a privately held, world-leading manufacturer of pearlescent pigments and iridescent film, for $272.7 million.

The Mearl business will become part of Engelhard's Pigments and Additives Group where it will broaden the company's existing capabilities and move Engelhard into new and growing global market areas. Engelhard is a world leader in coating and filler pigments for the paper industry and in specialty minerals and color pigments for the plastics, paints and coatings industries. Mearl adds leadership positions in pearlescent pigments for automotive finishes, cosmetics and industrial applications.

"Our first priority in combining the Mearl and Engelhard business is our customers' satisfaction," said Barry W. Perry, vice president and general manager of the Pigments and Additives Group. "Employees of both organizations remain focused on our customers and the processes that add value through the performance, quality and delivery of our products and services."

He added, "We're dedicated to preserving and building on the reputation for quality, innovation and success associated with the Mearl brand name. Eventually we expect the combined business will yield new product offerings and better service as we explore opportunities for synergy in materials technology, process engineering and productivity."

Engelhard expects the Mearl acquisition to result in a nominal dilution to earnings in 1996 and to provide a meaningful profit contribution in 1997. Mearl is headquartered in Briarcliff Manor, NY.

Engelhard Corporation is a world-leading provider of environmental technologies, specialty chemical products, engineered materials and related services.

CONTACT: Engelhard Corporation

Mark Dresner, 908-205-6282
COPYRIGHT 1996 Business Wire
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:May 31, 1996
Words:268
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