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DEXTER TO SELL PLASTISOLS BUSINESS

 WINDSOR LOCKS, Conn., Nov. 24 ~PRNewswire~ -- The Dexter Corporation (NYSE: DEX), a leading worldwide specialty materials manufacturer, announced today that it has reached agreement for the sale of its Dexter Plastisols business unit headquartered in Pineville, N.C., to Florida Capital Partners of Tampa, Fla. The cash transaction involves the purchase of 100 percent of the capital stock of Dexter's subsidiary company, Rutland Plastics, Inc. The sale is expected to be completed by year end and to result in a capital gain for the Dexter Corporation.
 Consummation of the proposed sale is subject only to final due diligence and financing confirmation.
 Rutland Plastics, Inc., operating as Dexter Plastisols Division, is a manufacturer of a complete range of superior quality plastisols serving primarily the textile industry. Textile applications consist primarily of screen-print plastisol inks.
 In making the announcement, K. Grahame Walker, president and chief executive officer, the Dexter Corporation, said: "Although Dexter Plastisols has been a profitable business for Dexter, the decision to sell is a continuation of the process initiated in 1988 of focusing the corporation's high-performance products toward growth segments of the five strategic global markets of aerospace, automotive, electronics, food packaging, and medical."
 Florida Capital Partners of Tampa, Fla. is a private investment firm funded by the venture capital unit of Chemical Banking Corporation.
 The Dexter Corporation is a Fortune 500 company producing specialty materials to customers worldwide in five strategic markets: aerospace, automotive, electronics, food packaging and medical. Founded in 1767, Dexter is the oldest company on the New York Stock Exchange and 1992 marks its 225th anniversary. Consolidated net sales for 1991 were $937.7 million.
 -0- 11~24~92
 ~CONTACT: Kathleen Burdett of Dexter, 203-627-9051; or Kevin Costello, 212-644-9560, for Dexter~
 (DEX)


CO: The Dexter Corporation; Florida Capital Partners ST: Connecticut, North Carolina, Florida IN: TEX SU: TNM

GK-OS -- NY018 -- 0941 11~24~92 09:53 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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