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ETHYL SIGNS DEAL WITH MITSUBISHI KASEI

 RICHMOND, Va., Nov. 23 ~PRNewswire~ -- Ethyl Corporation (NYSE: EY) announced today that it has signed a memorandum of understanding with Mitsubishi Kasei Corporation of Tokyo under which Ethyl Japan Corporation, a wholly owned subsidiary of Ethyl, will take over, effective Jan. 1, 1993, all petroleum additives sales and marketing activities previously carried out in Japan by Mitsubishi Kasei's subsidiary, Nippon Cooper Company. Ethyl and Nippon Cooper will continue to pursue their longstanding cooperative relationship.
 Under an agreement to be entered into between Ethyl Japan and Nippon Cooper, also to be effective at year-end, Ethyl Japan will acquire all of Nippon Cooper's intellectual property, and Nippon Cooper will provide certain services to Ethyl Japan related to product approvals, customer technical support, formulation development, product supply and research and testing, all in support of sales and marketing activities for Ethyl Japan's full line of petroleum additives.
 Ethyl said all current Nippon Cooper sales and marketing employees will be integrated with those of Ethyl Japan in an effective unified organization. Based in Tokyo, Ethyl Japan was formed in February 1992 as part of Ethyl's worldwide marketing strategy.
 Bruce C. Gottwald, president and chief executive officer of Ethyl, said, "This agreement should solidify Ethyl's position in Japan and evidence our continuing commitment to worldwide growth in petroleum additives."
 Ethyl Corporation is a Fortune-500 company based in Richmond, Va., USA. Ethyl is a worldwide producer and marketer of value-added chemicals for the petroleum and plastics industries. Ethyl also makes high-technology chemical intermediates for detergents, polymers, electronics, agricultural chemicals and pharmaceuticals. Ethyl also owns First Colony Life Insurance Company. Ethyl had 1991 revenues of $2.6 billion and net income of $206.7 million.
 -0- 11~23~92
 ~CONTACT: Robert P. Buford IV, manager, corporate public relations, Ethyl Corporation, 804-788-5494~
 (EY)


CO: Ethyl Corporation; Mitsubishi Kasei Corporation ST: Virginia IN: OIL SU:

TW -- DC004 -- 0328 11~23~92 09:43 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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