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DU PONT, ICI ANNOUNCE AGREEMENTS

 DU PONT, ICI ANNOUNCE AGREEMENTS
 WILMINGTON, Del., April 23 /PRNewswire/ -- Du Pont (NYSE: DD)


announced today that it has reached agreement in principle with ICI (NYSE: ICI) to acquire that company's worldwide nylon business. In a parallel move, ICI will acquire Du Pont's global acrylics business. The agreements also include a net cash payment to ICI. It will be based upon a value difference between the two businesses of approximately $430 million and will be finalized after examination of variations in working capital and other such factors.
 The acquisition by ICI of Du Pont's acrylics business does not include Corian solid surface products.
 ICI's nylon business had 1991 sales of about $1 billion and is centered in Europe. Du Pont's acrylics business had sales last year of about $300 million and is largely based in the United States.
 Definitive agreements are expected to take effect before the end of 1992, subject to regulatory and statutory approvals in Europe and the United States and approval by both companies' boards of directors.
 Du Pont Chairman Edgar S. Woolard Jr. said that the significance of these transactions is that they will allow both companies to focus resources on businesses where each can develop stronger global positions.
 "By acquiring ICI's nylon business and coupling it with our already strong position in the United States and our recently announced $1 billion nylon investment in the Asia Pacific, we have built upon our fundamental strengths in intermediates, specialty fibers and resins, and positioned ourselves to be the premier nylon supplier to customers worldwide," said Woolard.
 Woolard also said that the new alignment will add significantly to the company's earnings and cash flow over the next decade and that positive cash flow and earnings are expected to begin in the first year.
 The acquisition of Du Pont's acrylics business will firmly position ICI as a worldwide leader in acrylics, including monomer, resins and acrylic sheet products, with manufacturing and marketing operations in Europe, the United States and Asia Pacific.
 "Our acrylics business has been a consistently strong performer for many years, but it is a regional business limited to North America," said Woolard. "The acrylics business will now be part of a highly competitive worldwide enterprise and a company that has a long history of treating its people as valued resources."
 Under terms of the agreement, Du Pont will acquire ICI's nylon intermediates, fibers and engineering plastics businesses. The facilities involved include nylon fibers production sites at Pontypool, Doncaster and Gloucester in the United Kingdom, and Oestringen in Germany; nylon chemical intermediates at Wilton, United Kingdom; engineering plastics at Billingham, United Kingdom, and Rozenburg in the Netherlands; and non-wovens at Workington in the United Kingdom. All ICI employees involved will transfer to Du Pont.
 ICI will acquire Du Pont's methyl methacrylate manufacturing operations at Beaumont, Texas, and Memphis, Tenn., as well as acrylic sheet facilities at Memphis and Newport, Del. It is expected that ICI will offer employment to essentially all employees in these businesses.
 Du Pont invented nylon in the late 1930s. Today it is used in many fiber, film and plastics applications. It is sold into a variety of markets, including textiles, floor coverings and industrial uses such as tires, packaging film and engineering resins for molded or extruded parts.
 /delval/
 -0- 4/23/92
 /CONTACT: Mike Ricciuto of Du Pont, 302-774-2883/
 (DD) CO: Du Pont; Imperial Chemical Industries ST: Delaware IN: CHM SU: TMN


SF -- PH002 -- 1599 04/23/92 07:18 EDT
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Date:Apr 23, 1992
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