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NOEL GROUP ACCEPTS SHARES OF BELDING HEMINWAY COMPANY FOR PAYMENT

 NEW YORK, July 21 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL), through its wholly owned subsidiary, BH Acquisition Corporation, announced that based upon a preliminary count it has received 1,435,394 shares of common stock of Belding Heminway Company, Inc. (NYSE: BHY) or approximately 73 percent of all of the outstanding shares of common stock, pursuant to its tender offer at $30.25 per share which expired at midnight New York City time on July 20.
 BH Acquisition Corporation has accepted for payment all such shares which have been properly tendered and will promptly begin to make payment. The agreement and plan of merger entered into between the parties on June 16 provides that, promptly following the satisfaction of the conditions to the merger, BH Acquisition will merge into Belding Heminway and each share not owned by BH Acquisition will be converted into the right to receive $30.25 cash per share, subject to certain terms and conditions.
 Belding Heminway, which had revenues of approximately $141,600,000 in 1992, is a leading producer of high technology threads and specialty fabrics and a leading marketer of a diversified line of other consumer products.
 Noel Group conducts its operations through small and medium sized operating companies, and its holdings include three private and two public operating companies in the fields of industrial hardware distribution (Curtis Industries, Inc.), snack and confectionery foods (Lincoln Foods Inc.), optical sporting goods (Simmons Outdoor Corporation), mushroom spawn and mushroom production (Sylvan Foods Holdings, Inc. (NASDAQ: SYLN) and diversified services (TDX Corporation (NASDAQ: TDXC).
 -0- 7/21/93
 /CONTACT: Donald R. Dwight of Noel Group Inc., 603-795-2800/
 (NOEL BHY)


CO: Noel Group, Inc.; Belding Heminway Company, Inc. ST: New York IN: TEX SU: TNM

LG-LR -- NY015 -- 3779 07/21/93 09:07 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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