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AMOCO FABRICS AND FIBERS PURCHASES PHILLIPS FIBERS CORPORATION

 ATLANTA, Aug. 27 /PRNewswire/ -- Amoco Fabrics and Fibers Company today signed a definitive agreement for the purchase of 100 percent of the stock of Phillips Fibers Corporation.
 Terms of the agreement were not disclosed.
 "We are delighted to purchase Phillips Fibers," said Amoco Fabrics and Fibers President Frank Andrusko. "It is an excellent strategic fit for our company and will complement existing Amoco operations. We look forward to welcoming Phillips employees into the Amoco family."
 Phillips Fibers, a wholly owned indirect subsidiary of Phillips Petroleum Company (NYSE: P) of Bartlesville, Okla., produces durable nonwoven fabrics, multifilament yarn and staple fiber. According to Andrusko, the acquisition is consistent with Amoco Corporation's stated goal of expanding its chemical and conversion businesses.
 Atlanta-based Amoco Fabrics and Fibers employs approximately 4,000 people, mainly in the Southeast.
 Phillips Fibers has plants in Seneca and Spartanburg, S.C., and Rocky Mount, N.C. Additionally, Phillips has a headquarters and research center in Greenville, S.C., and a distribution center in Startex, S.C. Phillips Fibers has approximately 1,400 employees.
 "We are putting transition teams into action immediately to see that all phases of this acquisition can be quickly carried out," Andrusko said.
 The transaction has been approved by the boards of directors of Amoco Corporation (NYSE: AN) and Phillips Petroleum Company and is subject to approval of appropriate regulatory agencies.
 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.
 -0- 8/27/93
 /CONTACT: Richard Judy, 404-512-6853, or Mary Milnamow, 312-856-6066, both of Amoco/
 (P AN)


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

RA-BN -- AT011 -- 6644 08/27/93 13:14 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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