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HOECHST CELANESE WILL SELL HDPE BUSINESS TO FINA AND WILL BUY REMAINING INTEREST IN CAPE INDUSTRIES

 HOECHST CELANESE WILL SELL HDPE BUSINESS TO FINA AND WILL BUY
 REMAINING INTEREST IN CAPE INDUSTRIES
 SOMERVILLE, N.J., July 6 /PRNewswire/ -- Hoechst Celanese Corporation will sell its 350-million-pound-per-year high density polyethylene (HDPE) business and associated assets to FINA Oil and Chemical Company, a wholly owned subsidiary of FINA, Inc. (AMEX: FI).
 In a second transaction, Hoechst Celanese Corporation will purchase FINA's 26 percent interest in Cape Industries. Hoechst Celanese already owns the remaining 74 percent interest. Cape Industries, located in Wilmington, N.C., manufactures dimethyl terephthalate.
 FINA, through its subsidiaries, is engaged in crude oil and natural gas exploration and production and natural gas marketing; petroleum products refining, supply and transportation, and marketing; and chemical manufacturing and marketing. Organized in 1956, it is part of an international group of companies affiliated with Petrofina S.A., which is headquartered in Brussels, Belgium.
 Hoechst Celanese is a wholly owned subsidiary of Hoechst AG of Germany, with leading positions in chemicals, fibers, advanced materials and technologies, and the life sciences.
 -0- 7/6/92
 /CONTACT: Andrea Stine of Hoechst Celanese, 908-231-3752, or Rick Hagar of FINA Oil and Chemical, 214-750-4120/
 (FI) CO: Hoechst Celanese Corporation ST: New Jersey IN: CHM SU: TNM


TS -- NY011 -- 6539 07/06/92 10:01 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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