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ANGUS ANNOUNCES AGREEMENT ON SUIT

 BUFFALO GROVE, Ill., April 1 /PRNewswire/ -- Angus Chemical Company announced today that it has entered into an agreement with IMC Fertilizer Group, Inc., and IMC Fertilizer, Inc. (collectively "IMC"), and Industrial Risk Insurers ("IRI") to settle a Texas suit related to the May 1, 1991, fire and explosion at Angus' basic nitropariffins plant in Sterlington, La.
 The agreement calls for Angus and its property insurer, IRI, to receive payments from IMC over a three-year period. Angus' share of this settlement will be $44 million. Separately, Angus has agreed to share a portion of its proceeds, approximately $10 million, with its third-party liability carriers. In addition to the cash settlement, IMC has dropped its claim seeking reimbursement from Angus for $9.8 million paid by IMC to the U.S. Occupational Safety and Health Administration, plus other related expenses.
 In commenting on the settlement, Gary W. Granzow, Angus' president, stated, "We are very pleased with this settlement and consider this a big step towards putting this tragic chapter in our history behind us. We can now focus all of our attention on meeting our customers' needs."
 Angus is a Delaware corporation headquartered in Buffalo Grove, Ill., and is a wholly-owned subsidiary of Alberta Natural Gas Company Ltd ("ANG"). ANG is a publicly traded company based in Calgary, Alberta.
 -0- 4/2/93
 /CONTACT: Cindi Maher of Angus, 708-215-8600/


CO: Angus Chemical Company; IMC Fertilizer Group, Inc.;
 IMC Fertilizer, Inc. ST: Illinois, Texas, Louisiana IN: CHM SU:


GK -- NY049 -- 2553 04/02/93 13:35 EST
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Publication:PR Newswire
Date:Apr 2, 1993
Words:254
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