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WITCO PURCHASES INDUSTRIAL CHEMICALS, NATURAL SUBSTANCES ACTIVITIES FROM SCHERING AG

WITCO PURCHASES INDUSTRIAL CHEMICALS, NATURAL SUBSTANCES ACTIVITIES
 FROM SCHERING AG
 NEW YORK, July 20 /PRNewswire/ -- Schering AG and Witco Corp. (NYSE: WIT) today announced a definitive agreement for the sale to Witco of Schering's Industrial Chemicals and Natural Substances divisions for a total cash consideration of DM 660 million, according to Witco. The sale is subject to the consent of regulatory authorities and the approval of Schering's supervisory board and is expected to be completed in the fourth quarter of this year.
 Witco will finance the acquisition out of its own resources and committed bank facilities. It is Witco's intention to replace all or part of such bank financing in the public markets in due course.
 William R. Toller, chairman of the board and chief executive of Witco Corp., said, "This acquisition represents a significant move toward making Witco a global chemical company by doubling our international revenues. We are delighted to welcome the excellent employees and outstanding product lines into the Witco family. We anticipate these acquired operations will make a significant contribution to an improved financial result of the corporation and enhanced shareholder value."
 According to Dr. Giuseppe Vita, chairman of the Vorstand of Schering AG, "This is a major first step in achieving our stated strategy of focussing on our core pharmaceutical and agrochemical activities."
 The Industrial Chemicals Division produces organo-metallic compounds sold as intermediates to the plastic producing and marine paints industries and synthetic resins sold to the civil engineering, adhesives and sealants, printing inks and shoe industries. The Industrial Chemicals Division had worldwide sales of $303 million in 1991. The division employs a total of 820 people and has its main production site in Bergkamen, Germany, with additional plants located in the United States, France and Italy.
 The Natural Substances Division is a major producer and marketer of oleochemicals and specialty surfactants for laundry, personal care and a variety of industrial uses. The division's production facilities are located in Steinau, Germany, Mapleton, Ill., and Janesville, Wis., in the United States, as well as the United Kingdom, Spain and Ecuador. Furthermore, it has marketing organizations in a number of European and South American countries. In 1991, the Natural Substances Division registered sales of $293 million and employed approximately 1,000 employees.
 -0- 7/20/92
 /CONTACT: C.R. Soderlind, 212-605-3813, or S.L. Levy, 212-605-3815, both of Witco/
 (WIT) CO: Witco Corp.; Schering AG ST: New York IN: CHM SU: TNM


SC -- NYON3 -- 0526 07/20/92 05:11 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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