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GROW GROUP EXECUTES SEVERAL DIVESTITURES; CONSUMER AND PROFESSIONAL PRODUCTS GROUP RESTRUCTURING NEARS COMPLETION

 GROW GROUP EXECUTES SEVERAL DIVESTITURES; CONSUMER AND PROFESSIONAL PRODUCTS GROUP RESTRUCTURING NEARS COMPLETION
 NEW YORK, March 4 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO) announced today that it has completed the sale of several of its consumer and professional product lines, nearly completing the previously announced restructuring of its Consumer and Professional Products Group. In April of 1991, Grow took a $17.5 million ($11.1 million after tax) charge to reflect the restructuring.
 The recent transactions include the following divestitures: the Trewax, Perform, and Woodnew product lines were sold to Blue Coral Inc., a national marketer of products such as Westleys, Espree, and Simoniz (in Canada); the Auburn operations which are comprised mainly of private label bleach and other liquid products were sold to T.C. Products, Inc.; and, the Fort Worth, Texas, bleach business was sold to Excelex Corp., a divestiture which increased capacity at the Fort Worth plant to accommodate growing demand for Grow's higher-margin detergent products.
 Russell Banks, Grow's president, commented, "These divestitures mark the near-completion of Grow's Consumer and Professional Products Group restructuring program adopted in the spring of 1991. We have only just begun to realize the financial benefits of the restructuring which has positioned Grow's Consumer and Professional Products Group for future growth. Furthermore, our Coatings and Chemicals Group has been a relatively strong performer in a weak business environment. As economic conditions improve, we anticipate steady growth in fiscal years 1992, 1993 and beyond."
 By April 30, 1992, Grow anticipates closing the remaining two plants included in the restructuring program and selling certain assets and business related thereto.
 Grow Group is one of the world's leading producers of specialty chemical coatings and paints and detergents, maintenance and cleaning products for household, professional and industrial use. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 3/4/92
 /CONTACT: Russell Banks of Grow Group, 212-599-4400, or Jennifer R. Wall or Marisa Heine of D.F. King & Co., 212-269-5550, for Grow Group/
 (GRO) CO: Grow Group Inc. ST: New York IN: CHM SU: RCN


SM-CK -- NY035 -- 4880 03/04/92 10:48 EST
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Publication:PR Newswire
Date:Mar 4, 1992
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