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ETHYL ANNOUNCES $6-MILLION CHARGE FOR WORK-FORCE-REDUCTION PROGRAM

 RICHMOND, Va., Oct. 15 /PRNewswire/ -- Ethyl Corporation (NYSE: EY) today advised employees of an early-retirement and work-force-reduction program for certain salaried employees. As a result, Ethyl expects to take an after-tax charge of approximately $6 million, or 5 cents a share, against third-quarter earnings to cover the cost of the program. When it is completed early next year, the program is expected to result in annual after-tax savings of about $10 million.
 Ethyl also said that the program is expected to result in a net reduction in its work force of approximately 155 employees, or about 10 percent of the employees at affected locations. Some 100 of the 155 employees will be covered by early retirement.
 The early-retirement program is being offered to U.S.-based, full- time salaried employees at specific locations who are 55 years of age or older. The retirement date for eligible employees who elect to retire under the program will be Jan. 1, 1994.
 The company said it expects to complete the work-force-reduction program during the first quarter of 1994.
 Ethyl said it is implementing the early-retirement and work-force- reduction program in conjunction with its previously announced intention to restructure the company by spinning off to its shareholders all specialty chemicals operations as a separate Fortune-500 company. Subject to receipt of a tax-free ruling from the Internal Revenue Service and final approval by Ethyl's board of directors, the company expects to complete the spin-off by the end of this year or as soon thereafter as possible.
 -0- 10/15/93
 /CONTACT: Robert P. Buford IV or Nancy Wells of Ethyl Corporation, 804-788-5420/
 (EY)


CO: Ethyl Corporation ST: Virginia IN: CHM SU:

DT-DC -- DC025 -- 2966 10/15/93 17:50 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
Words:285
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