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ICI AND DU PONT COMPLETE ACRYLICS AND NYLON TRANSACTIONS

 NEW YORK, July 1 /PRNewswire/ -- ICI and Du Pont have completed the transactions by which ICI will acquire Du Pont's acrylics business in the United States, together with cash payments, and Du Pont has acquired ICI's European based nylon business. Agreement in principle on both transactions was first announced on April 23, 1992.
 The transactions have been approved by the European Commission. ICI has also reached agreement with the U.S. Federal Trade Commission in connection with the commission's investigation of the two transactions. Under the terms of a consent order, ICI has agreed to divest to a third party a proportion of its downstream acrylics polymer production facilities in the U.S. The agreed consent order is subject to final approval by the commission after a 60 day comment period.
 Because of the changes requested by both regulatory bodies, the difficult trading conditions in Europe due to the recession, and boundary changes made during negotiation, the scope of the agreements have been altered. The value difference between the two businesses will be met by cash payments being made to ICI which could total 235 million pounds sterling.
 Ronnie Hampel, chief executive officer of ICI commented: "We in ICI are delighted to have completed these agreements which takes a major step toward reshaping the world chemical industry and further reinforces ICI Acrylics integrated global position - one of ICI's core businesses."
 Under the terms of the acrylics transaction, ICI has acquired Du Pont's methyl methacrylate (MMA) manufacturing plants at Beaumont, Texas and Memphis, Tenn. as well as acrylic cast sheet facilities at the latter location, and a smaller unit in Delaware. Acrylics equipment at Belle and Parkersburg, W.Va., will transfer to ICI and be operated by Du Pont under long term contractual agreements. The business had total sales in 1992 of about 200 million pounds, was profitable, and currently employs about 350 people. The assets, stock and goodwill of this business were valued at between 180 million pounds and 190 million pounds.
 The cash payments will be made as follows: ICI will receive 100 million pounds shortly after completion; a series of guaranteed deferred payments totalling 110 million pounds between 1994 and 2002; a performance related payment of up to 25 million pounds if the turnover of the former ICI nylon textile filament business meets agreed targets from 1994 to 2000. The cash will be used by ICI for general corporate purposes.
 This will be the third, and most important ICI Acrylics acquisition made in the U.S. in the past few years. The two previous, K-S-H Inc in 1989 and Continental Polymers Inc in 1991 are both manufacturers of acrylic extruded sheet and molding polymer. They now constitute ICI Acrylics Inc which has its headquarters in St. Louis.
 Under the terms of the second transaction, Du Pont has acquired the ICI nylon intermediates, fibers and engineering plastics businesses. The manufacturing facilities include fiber production sites at Pontypool, Doncaster and Gloucester in the U.K. and Oestringen in Germany; nylon chemical intermediates at Wilton, engineering plastics at Billingham, U.K., and Rozenburg in the Netherlands; polymer production at Wilton and Rozenburg; and Camtex Fibers Ltd. (non-wovens) at Workington, U.K. The combined sales of these businesses in 1992 amounted to about 585 million pounds. The loss directly attributable to the business being transferred was 13 million pounds during the same period. About 5,200 employees, and the assets, stock and goodwill valued at about 360 million pounds, will transfer to Du Pont.
 This disposal of the nylon business and associated closure consequences will lead to an exceptional pre-tax loss of about 70 million pounds in the ICI Group accounts. This arises principally as a result of applying recent accounting standards in respect of goodwill previously written off in the early 1960s on the acquisition of British Nylon Spinners and the form and timing of the consideration explained above.
 -0- 7/1/93
 /CONTACT: Vincent J. Leheny of ICI PLC, 011-44-71-798-5386/
 (ICI DD)


CO: Imperial Chemical Industries PLC; Du Pont ST: New York, Texas, Tennessee IN: TEX CHM SU: TNM

SM-OS -- NY036 -- 7650 07/01/93 11:05 EDT
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Date:Jul 1, 1993
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