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IMCERA'S MALLINCKRODT SPECIALTY CHEMICALS UNIT AND HERCULES COMPLETE FORMATION OF FLAVORS 50/50 JOINT VENTURE

 IMCERA'S MALLINCKRODT SPECIALTY CHEMICALS UNIT AND HERCULES
 COMPLETE FORMATION OF FLAVORS 50/50 JOINT VENTURE
 NORTHBROOK, Ill., Feb.24 /PRNewswire/ -- IMCERA Group Inc. (NYSE: IMA) and Hercules Incorporated (NYSE: HPC) today jointly announced completion of the formation of their flavors joint venture, combining the Fries & Fries, Inc. flavors unit of IMCERA's Mallinckrodt Specialty Chemicals Company and Hercules' PFW Flavors and Citrus Specialties businesses.
 The two companies announced in December 1991 their agreement to form the 50/50 joint venture partnership, creating the fifth largest flavors company in the world. Flavors industry sales worldwide are estimated at $2.6 billion.
 Headquartered in Cincinnati, the new company will continue to operate under the names of Fries & Fries, PFW Flavors and Hercules Citrus Specialties until a new name is approved. It has its own governing body comprising senior executives from both IMCERA's Mallinckrodt Specialty Chemicals unit and Hercules. Michael E. Davis, president of Fries & Fries, is president and chief executive officer of the new venture.
 According to Davis, "Our new company is technologically strong and globally focused. Our combined resources will allow us to offer improved meat and fat flavors as well as natural materials, through extraction and biotechnology, for cheese and dairy flavors, in the key world flavors markets -- Europe, North America and Asia/Pacific."
 Founded in Cincinnati in 1913 and with annual sales of more than $70 million, Fries & Fries is a recognized leader in the flavors industry and annually formulates more than 1,000 different specialty flavors, primarily natural, for most major food and beverage companies. Fries & Fries was the first company in North America to introduce spray dried flavors, a manufacturing process which is now an industry standard.
 Established in 1914 in Amersfoort, The Netherlands, PFW was acquired by Hercules in 1973. Today, after additional acquisitions in citrus specialties, the combined flavor and citrus business has annual sales of approximately $100 million.
 IMCERA, a Fortune 300 company with fiscal 1991 net sales of more than $1.6 billion, has two other international, technology-based companies in addition to Mallinckrodt Specialty Chemicals -- Pitman- Moore of Lake Forest, Ill., and Mallinckrodt Medical of St. Louis.
 Hercules Incorporated is a diversified, worldwide producer of chemicals and solid fuel systems, as well as a major supplier of food gums such as carrageenan and pectin, including the new, all-natural food ingredient Slendid(TM) fat replacer. The company has approximately 80 production facilities located throughout the world, including 30 major plants in the United States, with total sales of nearly $3 billion.
 -0- 2/24/92
 /CONTACT: Dave Prichard of IMCERA, 708-205-2270; Bob Hessler, 302-594-6920, or (investors) Jim Rapp, 302-594-6399, both of Hercules/
 (IMA HPC) CO: IMCERA Group Inc.; Hercules Incorporated ST: Illinois, Ohio IN: CHM SU: JVN


TS -- NY027 -- 1795 02/24/92 10:30 EST
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Publication:PR Newswire
Date:Feb 24, 1992
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