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HERCULES INC. DIVESTS ITS STOCK IN AUSTRALIAN CHEMICALS HOLDINGS LIMITED

 WILMINGTON, Del., June 24 /PRNewswire/ -- Hercules Incorporated (NYSE: HPC) today announced that it has divested its 63 percent stock ownership in Australian Chemicals Holdings Limited (ACH), headquartered in Botany, New South Wales, Australia.
 The stock was sold on the Australian Stock Exchange through the open market. After tax cash proceeds from the sale will be more than $50 million, which will result in a gain in the second quarter.
 According to Thomas L. Gossage, Hercules chairman, president and chief executive officer, "The divestment of ACH is in keeping with our strategies of focusing on our core business franchises in key, targeted world areas. Although ACH has been a profitable part of our business portfolio since 1962, the opportunity to divest our interest creates greater value for Hercules shareholders than if we had remained the majority owner in that company."
 ACH has manufacturing sites in Melbourne, Sydney, Brisbane, and Perth, Australia; and New Zealand. Its major products are unsaturated polyesters, alkyds, and emulsion polymers.
 Hercules Incorporated is a diversified, worldwide producer of chemicals and related products and solid fuel systems. With annual sales of nearly $3 billion, the company has approximately 75 production facilities throughout the world, including 30 major plants in the United States.
 /delval/
 -0- 6/24/93
 /CONTACT: Donald R. Kirtley of Hercules, 302-594-6918/
 (HPC)


CO: Hercules Incorporated; Australian Chemicals Holdings Limited ST: Delaware IN: ARO SU: TNM

MP-LJ -- PH004 -- 5196 06/24/93 09:33 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:239
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