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M.A. HANNA AGREES TO SELL ROOFING BUSINESS TO FIRESTONE

 CLEVELAND, Nov. 15 /PRNewswire/ -- M.A. Hanna Company (NYSE: MAH; CHX), an international specialty chemicals company, has reached a preliminary agreement to sell its elastomeric membrane roofing material business to Firestone Building Products Company, a division of Bridgestone/Firestone, Inc.
 M.A. Hanna will incur a fourth-quarter, nonrecurring charge of approximately $30 million, or $1.45 per share, fully diluted, of which $28 million will be the write-off of remaining goodwill and excess purchase price associated with the business.
 The roofing material business, operated by Colonial Rubber Works, Inc., a unit of M.A. Hanna Company, manufactures rubber sheet for non- residential roofing. The business is located in Kingstree, S.C., and has approximately 200 employees.
 "The acquisition provides us with a high-quality manufacturing site with a dedicated and skilled workforce," said Paul Mineart, president, Firestone Building Products Company. "We intend to maintain production at the present location while seeking new opportunities within and outside the commercial roofing market."
 Based in Carmel, Ind., Firestone Building Products Company is a manufacturer of single-ply roofing sheet, modified bitumen roofing systems and isocyanurate insulation.
 M.A. Hanna Chairman and Chief Executive Officer Martin D. Walker said, "For some time we have been evaluating ways to exit the rubber roof membrane business, which does not fit our growth strategy in specialty chemicals. We are confident that the associates and customers of the roofing business will be well served with the business in the hands of a strategic owner."
 Terms of the agreement -- which is expected to close in the first quarter of 1994 -- were not disclosed.
 Firestone Building Products Company is a division of Nashville, Tenn.-based Bridgestone/Firestone, which is a business of Bridgestone Corporation, Tokyo, one of the world's leading tire and rubber companies.
 Based in Cleveland, M.A. Hanna's primary businesses are plastics and rubber compounding, color and additive concentrates, distribution of resins and engineered plastic shapes, and manufactured polymer products.
 -0- 11/15/93
 /CONTACT: Barb Gould (investors), 216-589-4085, or Andy Opila (media), 216-589-4018, both of M.A. Hanna; or Trevor Hoskins (media), of Bridgestone/Firestone, 615-872-1410/
 (MAH)


CO: M.A. Hanna Company; Firestone Building Products Company; Colonial
 Rubber Works ST: Ohio, South Carolina, Indiana IN: CHM SU: TNM


KL -- CL028 -- 4601 11/15/93 15:34 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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