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DEXTER SIGNS LETTER OF INTENT TO SELL THE MOGUL CORPORATION

 DEXTER SIGNS LETTER OF INTENT TO SELL THE MOGUL CORPORATION
 WINDSOR LOCKS, Conn., May 19 /PRNewswire/ -- The Dexter Corporation (NYSE: DEX), a leading worldwide specialty materials manufacturer, announced today its agreement in principle to sell the Mogul Corporation, headquartered in Chagrin Falls, Ohio, to Diversey Corporation of Mississauga, Ontario. The transaction is expected to be completed on June 30, 1992, and as previously indicated, Dexter expects the transaction to result in a capital gain.
 The Mogul Corporation, operating as Dexter Water Management Systems Division, is one of the leading water treatment companies in the United States serving the automotive, healthcare, food, and building management markets. In addition to Chagrin Falls, the division has facilities located in Charlotte, N.C., Phoenix, Ariz., and Canada.
 In making the announcement, K. Grahame Walker, president and chief executive officer of the Dexter Corporation, said: "This business has been good for Dexter for many years, but it is better placed with a company like Diversey which is committed to its markets and growth." Walker also confirmed that the decision to divest was a continuation of the process initiated in 1988 of strategically focusing the corporation toward five defined global growth markets of aerospace, automotive, electronics, food packaging, and medical.
 Diversey Corporation, part of the Molson Companies Limited (TSE, MSE: MOL.A, MOL.B), is a Canadian-based multinational which currently operates in 39 countries, has sales of C$1.2 billion and a workforce of 10,000 people worldwide.
 The Dexter Corporation is a Fortune 500 company producing specialty materials to customers in five strategic markets: aerospace, automotive, electronics, food packaging, and medical. Founded in 1767, Dexter is the oldest company listed on the New York Stock Exchange, and 1992 marks its 225th anniversary of doing business. Consolidated net sales for 1991 were $937.7 million.
 -0- 5/19/92
 /CONTACT: T. Daniel Clark, 203-292-7610, or Bruce H. Beatt, 203-292-7601, both of Dexter/
 (DEX MOL.) CO: The Dexter Corporation; The Mogul Corporation; Diversey Corporation ST: Connecticut, Ohio, Ontario IN: SU: TNM


TS-GK -- NY024 -- 1704 05/19/92 10:15 EDT
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Publication:PR Newswire
Date:May 19, 1992
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