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VALSPAR'S MCWHORTER RESIN SUBSIDIARY TO ACQUIRE RESIN PRODUCTS DIVISION OF CARGILL, INCORPORATED

 MINNEAPOLIS, May 20 /PRNewswire/ -- The Valspar Corporation (AMEX: VAL), a major coatings company, announced today that its wholly owned resin subsidiary, McWhorter, Inc., has reached a definitive agreement with Cargill, Incorporated, to purchase certain assets of Cargill's Resin Products Division.
 The sale is contingent upon approval by the boards of both firms and completion of due diligence and other normal review procedures. That process is expected to be completed in approximately two months.
 "This has been a good business for Cargill over the years. It has performed well financially, and thanks to a strong organization of dedicated employees and an aggressive program of investment and research, it is positioned very well for continued growth," said John Sweeney, president of RPD. "But Cargill's primary strategic focus remains on serving growing global demand for basic commodities and services.
 "After extensive deliberation, we concluded that sale of the division will enhance our business focus and at the same time provide the best opportunity for the resin products business to continue to grow and prosper in its own highly demanding and specialized industry," he said.
 The division produces resins for architectural, special purpose coatings and "OEM" (original equipment manufacturing), as well as polyesters for reinforced fiberglass and other specialty applications. Divisional plants are located in Lynwood, Calif.; Forest Park, Ga.; Carpentersville and Chicago Heights, Ill.; and Ennis, Texas. Personnel involved in administration and research and development activities also are located in Minneapolis. Revenues for the division were $190 million for the year ended May 31, 1992.
 Minneapolis-based Valspar is a major manufacturer of paints and coatings. Its products include industrial, consumer and packaging coatings, as well as specialty products such as resins, colorants and industrial maintenance coatings. Valspar has 24 manufacturing plants plus warehouse facilities located throughout the United States and Canada, with approximately 2,500 employees.
 Cargill is a privately held merchandiser, processor, transporter and warehouser of agricultural and other bulk commodities, based in Minnetonka, Minn. Its major businesses include merchandising of a wide range of agricultural and other bulk commodities; processing wheat, corn and vegetable products; processing of red meats, poultry and fish; production and sales of agricultural products, including feeds, seeds, and fertilizers; the manufacture and sale of industrial commodities, including steel, salt and fertilizers; transportation; financial trading; and financial and agricultural consulting services. The company employs more than 66,000 individuals in 58 countries worldwide.
 -0- 5/20/93
 /CONTACT: Paul C. Reyelts, vice president-finance of The Valspar Corporation, 612-375-7702; or Jean Housh, public relations of Cargill, 612-475-6204/
 (VAL)


CO: The Valspar Corporation; Cargill, Incorporated ST: Minnesota IN: CST SU: TNM

AL -- MN021 -- 0981 05/20/93 17:28 EDT
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Publication:PR Newswire
Date:May 20, 1993
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