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AMOCO FABRICS AND FIBERS COMPANY COMPLETES PURCHASE OF PHILLIPS FIBERS CORPORATION

 ATLANTA, Oct. 22 /PRNewswire/ -- Amoco Fabrics and Fibers Company today completed its purchase of Phillips Fibers Corporation.
 "I want to personally welcome Phillips employees into the Amoco family," said Amoco Fabrics and Fibers President Frank Andrusko. "This purchase brings together the talents and technology of two great companies and should result in continued strong growth for Amoco Fabrics and Fibers."
 Atlanta-based Amoco Fabrics and Fibers signed a definitive agreement for the purchase of 100 percent of Phillips Fibers' stock Aug. 27. Terms of the agreement were not disclosed.
 Phillips Fibers was a wholly owned indirect subsidiary of Phillips Petroleum Company (NYSE: P) of Bartlesville, Okla.
 As part of the purchase, Amoco acquires Phillips' manufacturing facilities in Spartanburg and Seneca, S.C., and Rocky Mount, N.C., which among them produce durable nonwoven fabrics, multifilament yarn and staple fiber. According to Andrusko, these products are an excellent fit with Amoco Fabrics and Fibers' existing businesses.
 "We see numerous synergies between the two companies," Andrusko said. "We think our product lines will complement each other, resulting in a broader product mix for current and new customers."
 Also included in the purchase is a distribution center in Startex, S.C., and a headquarters and research center in Greenville, S.C. "We see a lot of opportunities for combining our manufacturing, technology and marketing capabilities, resulting in a much stronger company than Amoco and Phillips separately," Andrusko added.
 Amoco Fabrics and Fibers now employs more than 5,200 people at facilities in the Southeast and Canada.
 Amoco Fabrics and Fibers is a wholly owned subsidiary of Amoco Chemical Company, the international chemical manufacturing and marketing subsidiary of Chicago-based Amoco Corporation (NYSE: AN).
 -0- 10/22/93
 /CONTACT: Jim Spangler of Amoco/Atlanta, 404-512-6856; Mary Milnamow of Amoco/Chicago, 312-856-6066, or George Minter of Phillips, 918-661-5204/
 (P AN)


CO: Amoco Fabrics and Fibers Company; Phillips Fibers Corporation ST: Georgia, South Carolina IN: TEX SU: TNM

BN-RA -- AT010 -- 5727 10/22/93 12:22 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
Words:329
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