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BELDING HEMINWAY COMPANY, INC. RECEIVES PROPOSAL

 NEW YORK, Jan. 5 /PRNewswire/ -- Belding Heminway Company, Inc. (NYSE: BHY), announced today that it has received a proposal from Noel Group, Inc., to discuss the purchase of all of the outstanding shares of Belding for $35.00 per share in cash. Noel Group, Inc. (NASDAQ: NOEL), is a publicly held company holding controlling or other significant interests in various operating companies.
 The proposal is subject, among other things, to Noel's securing permanent debt financing and to Belding's agreement it will not solicit any offer to acquire Belding or any of its assets. Belding's management has been advised that the condition mentioned above is not intended to preclude consummation of the previously announced sale of Belding's Pentapco division to ConAgra, Inc. After Belding's management has had an opportunity to discuss the proposal with Noel, the proposal would be submitted to Belding's board of directrors for evaluation.
 Belding is a leading producer of high-technology threads and specialty fabrics and a leading marketer of a diversified line of other consumer products. Belding also has investments in entities owning real estate and a cellular telephone license.
 -0- 1/5/93
 /CONTACT: Ronald V. Kaplan, vice president-treasurer of Belding, 212-556-4700/
 (BHY NOEL)


CO: Belding Heminway Company, Inc.; Noel Group, Inc. ST: New York IN: TEX SU:

SM-GK -- NY083 -- 1917 01/05/93 17:06 EST
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Publication:PR Newswire
Date:Jan 5, 1993
Words:221
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