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NOEL GROUP COMPLETES ACQUISITION OF LINCOLN DIVISION, NAMES CEO

 NOEL GROUP COMPLETES ACQUISITION OF LINCOLN DIVISION, NAMES CEO
 NEW YORK, Aug. 31 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL), completed the asset acquisition of the Lincoln Snack Company, a division of Sandoz Nutrition Corporation, today and announced the appointment of a chief executive officer and the renaming of the company.
 C. Alan MacDonald, 59, former president and chief executive officer of Nestle Foods Corp., Purchase, N.Y., and Stouffer Frozen Foods, will be the chairman and chief executive of the company now named Lincoln Foods Inc. The Noel Group and MacDonald were assisted in the transaction by C. Larry Davis, chairman and chief executive officer of Farmhouse Foods Company, also a former Nestle executive. Davis will be a director of Lincoln Foods.
 MacDonald began his career in the restaurant and food business with Stouffer's after graduation from the Hotel Management School of Cornell University in 1955, becoming president and CEO in 1971. He joined Nestle as president and chief executive officer in 1983. A resident of Greenwich, Conn., he is a trustee of Manhattanville College and is chairman of the United Way campaign for Greenwich this year.
 MacDonald also announced the appointments of key executives of Lincoln Foods, Scott Kirk as vice president-general manager and Jeff Goodman as vice president of marketing and sales. Kirk, 40, was with Nestle for the past eight years, most recently as vice president of finance and administration for Nestle Dairy Systems. Prior to his involvement with Nestle, Kirk was with Continental Grain and Amstar, both of New York, for the previous ten years. Goodman, 33, has been with Nestle Food Company since 1986, most recently as national manager of chocolate sales planning in Glendale, Calif. After receiving his M.B.A. from Wake Forest in 1983 he worked with Sunshine Biscuits and General Foods before joining Nestle.
 Lincoln Foods is one of the leading manufacturers and marketers of candied pre-popped popcorn in the United States and Canada with a product line that includes Poppycock, Fiddle-Faddle, and Screaming Yellow Zonkers. Lincoln Foods revenues totaled approximately $30 million in 1991. The assets acquired include a 67,000-square-foot manufacturing facility in Lincoln, Neb., as well as related inventories. The company will locate its sales, marketing and administration headquarters in Stamford, Conn.
 This acquisition is the second major transaction completed by Noel since its initial public offering in January in which it raised over $100 million for the acquisition of controlling positions in established businesses. Earlier this month Noel purchased newly issued equity securities of Curtis Industries, Inc., for $15 million. Curtis, located in Eastlake, Ohio, is a national distributor of industrial hardware, including fasteners, chemicals, security products, tools, and fittings and connectors, and also manufactures keys and key cutting machines.
 Noel conducts its operations through small and medium-sized operating companies. It is in the process of distributing to its shareholders shares it owns in three public companies: Global Natural Resources Inc. (NYSE: GNR), Garnet Resources Corp. (NASDAQ: GARN) and VISX, Inc. (AMEX: VSX). The distributions are scheduled for Sept. 21.
 In addition to these three companies, Curtis Industries and Lincoln Foods, Noel's principal holdings are Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Health Management International, Inc. (NASDAQ: HMII) and a wholly owned subsidiary, Simmons Outdoor Corporation.
 -0- 8/31/92
 /CONTACT: Donald R. Dwight, 203-661-8480, for Noel Group/
 (NOEL) CO: Noel Group, Inc.; Lincoln Snack Company ST: New York, Connecticut; Nebraska IN: FOD SU: TNM


GK-OS -- NY054 -- 4999 08/31/92 13:34 EDT
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Date:Aug 31, 1992
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