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LUBRIZOL ANNOUNCES PLAN TO RESTRUCTURE ITS AGRIBUSINESS SEGMENT

 LUBRIZOL ANNOUNCES PLAN TO RESTRUCTURE
 ITS AGRIBUSINESS SEGMENT
 CLEVELAND, April 23 /PRNewswire/ -- The Lubrizol Corporation (NYSE: LZ) announced today that it plans to restructure its Agribusiness segment through transactions involving transfer of a majority interest in its Agrigenetics division to Mycogen Corporation (NASDAQ: MYCO), San Diego, Calif.
 The Agrigenetics division would become part of a partnership owned 49 percent by Lubrizol and 51 percent by Mycogen. Lubrizol would receive 2.29 million shares of Mycogen common stock and $39.4 million of a new series of Mycogen convertible redeemable preferred stock.
 Lubrizol currently holds 12.7 percent of Mycogen common stock. Upon completion of the transaction, Lubrizol would own 24.7 percent of Mycogen Corporation. Assuming conversion of the preferred stock, Lubrizol's ownership would increase to approximately 33 percent. As part of the transaction, Lubrizol has agreed not to acquire additional shares of Mycogen common stock without approval of Mycogen's board of directors.
 Commenting on the proposed agreements and restructuring plan, Dr. L.E. Coleman, Lubrizol chairman, said, "This proposed transaction would be an important step toward achieving our objective to maximize the return to our shareholders from Lubrizol's agribusiness investments.
 "Our strategy is to combine and enhance the proprietary biotechnology capabilities of both companies through the creation of a large genetic crop protection development organization in which Lubrizol will retain a major financial interest. We will also maintain the rights to new vegetable oil plant source developments and will be able to commercialize the unique crop oils resulting from these hybrids." Coleman noted that Lubrizol will retain its key SVO division, which develops unique specialty oils and chemicals used in food processing and industrial applications.
 As part of the proposed transaction with Mycogen, Lubrizol would provide genetic research funding for a minimum of five years and receive technology rights to the development of new agricultural plant seed hybrids to produce specialty oils. The new Mycogen partnership would produce these hybrid planting seeds and sell them to Lubrizol on an exclusive basis. Lubrizol, in turn, would contract for production of crops from these seeds and retain exclusive commercial rights to the resulting specialty vegetable oils.
 "This proposed restructuring focuses on the unique strengths of Lubrizol and Mycogen in their respective agribusiness technologies and should lead to more effective commercialization of technological developments," Coleman said.
 Agrigenetics has been a leader in plant biotechnology research, as evidenced by the recent confirmation by the European Patent Office of the patentability of Agrigenetics' T-DNA mediated transformation in plants, a broad patent covering plant gene transfer technology. This advanced biotechnology, along with the focus on genetically engineered insect resistance in plants, has been a technical strength of Lubrizol's agribusiness segment. By combining these assets with Mycogen's commitment to be the leader in biological crop protection, Lubrizol expects to achieve the full potential of its investments, the company said.
 Lubrizol said that the proposed transactions with Mycogen are currently in the form of a non-binding letter of intent and subject to negotiation of definitive agreements, due diligence, board and regulatory approvals and approval by the shareholders of Mycogen.
 The Lubrizol Corporation is a full service supplier of specialty chemicals to customers worldwide. The company applies chemical, mechanical and biological technologies to create high performance products used in diverse markets.
 -0- 4/23/92 R
 /CONTACT: K.H. Hopping of The Lubrizol Corporation, 216-943-4200, ext. 5253/
 (LZ MYCO) CO: The Lubrizol Corporation; Mycogen Corporation ST: Ohio, California IN: CHM SU:


KK -- CL006 -- 1788 04/23/92 10:59 EDT
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Date:Apr 23, 1992
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