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HICKSON INTERNATIONAL TO ACQUIRE ANGUS FINE CHEMICALS

 HICKSON INTERNATIONAL TO ACQUIRE ANGUS FINE CHEMICALS
 LONDON, July 8 /PRNewswire/ -- The board of Hickson International


PLC announced that it has today entered into a conditional agreement to acquire Angus Fine Chemicals Limited, a fine chemicals manufacturer which operates in the Republic of Ireland.
 -- The consideration is Irish punt 24.1 million (22.3 million pounds sterling) to be satisfied by the issue of 12,750,000 new ordinary shares of 25 pence each in Hickson.
 -- Lazard Brothers and Co., Limited has agreed to place the new ordinary shares at 175 pence per share. The placing is subject to an open offer to qualifying shareholders of Hickson on the basis of one new ordinary share for every 12.57 ordinary shares held at a price of 175 pence per share.
 -- Angus is a fine chemicals manufacturer in the Republic of Ireland which is engaged in the custom synthesis of bulk active substances and organic intermediates, primarily for major customers in the pharmaceuticals sector. As at Dec. 31, 1991, Angus' audited balance sheet showed net assets amounting to Irish punt 32.0 million (29.6 million pounds sterling).
 Dennis Kerrison, chief operating officer of Hickson, said: "The acquisition of Angus provides an excellent opportunity for Hickson to establish its presence in the pharmaceutical actives and intermediate chemicals sector, which is part of its stated strategy. Hickson believes that this is an important step in the future growth of the Fine Chemicals Division."
 Hickson International PLC, based in Castleford, is an independent group of businesses specializing exclusively in the provision of high quality chemical products to meet the needs of manufacturing industries and markets worldwide. It is organized into three strategic business divisions: fine chemicals, performance and applied chemicals.
 The acquisition of Angus comes under the fine chemicals division. Fine Chemicals are the essential intermediate components used in the manufacturing chain of other products such as pharmaceuticals or agrochemicals. By definition they are premium quality substances and tend to involve difficult processes or special technologies and skills to achieve the critical specification required by the customer.
 Part of Hickson's strategic thrust to build market share by both organic growth and acquisition is to expand the fine chemicals division's pharmaceuticals business. Hickson already has several clients with pharma interests, including eight of the major U.K., European and American pharmaceutical/chemical companies.
 David Fyfe, managing director of Hickson's fine chemicals division said: "The opportunities for us in pharmachemicals is growing, with increasing out-sourcing, increased competition and quality and stricter FDA and environmental standards. The acquisition of Angus provides us with an ideal opportunity to take advantage of these market trends."
 Hickson's interests in the United States include Hickson Danchem, based in Danville, Va., Hickson Corporation, based in Atlanta, and Kerley Inc., based in Phoenix, Ariz.
 -0- 7/8/92
 /CONTACT: Dennis Kerrison, COO, or Michael Rowley, finance director, of Hickson International, +44-71-831-3113; or Duncan Clegg, director, or Ned Dawnay, director, of Lazard Brothers and Co., +44-71-588-2721; or Julian Hanson-Smith of Financial Dynamics, +44-71-831-3113; or Jim Christie of Hickson Applied Chemicals Division, 404-250-8484/ CO: Hickson International PLC; Angus Fine Chemicals Limited ST: IN: CHM SU: TNM


CK -- NY018 -- 7336 07/08/92 10:14 EDT
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Date:Jul 8, 1992
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