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PENWEST ANNOUNCES DIVIDEND

 BELLEVUE, Wash., June 24 /PRNewswire/ -- The board of directors of PENWEST (NASDAQ: PENW) declared a regular 5-cent-per-share cash dividend payable Sept. 3 to shareholders of record at the close of business Aug. 20. It is the company's seventh consecutive quarterly cash dividend since dividends were first declared in February 1992.
 The company also said that David R. Hinson, a PENWEST director and executive vice president-marketing at McDonnell Douglas, has resigned from the company's board after accepting the nomination to head the Federal Aviation Administration. Hinson, a director since October 1990, has had a distinguished career in the aviation industry as a U.S. Navy and a commercial airline pilot and as chairman of Midway Airlines prior to joining McDonnell Douglas.
 PENWEST develops, manufactures and markets specialty carbohydrate and synthetic polymer chemicals for papermaking. The company also produces and markets specialty food ingredients, agricultural nutrition supplements and pharmaceutical excipient products, the non-active ingredients in tablets and capsules.
 -0- 6/24/93
 /CONTACT: Jeffrey T. Cook of PENWEST, 206-462-6000; or Robley W. Sundmacher of Corporate Communications, 206-728-1778, for PENWEST/
 (PENW)


CO: PENWEST ST: Oregon IN: CHM SU: DIV PER

JH-SW -- SE001 -- 5191 06/24/93 09:31 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:196
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