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MORTON INTERNATIONAL COMMENTS ON ACCOUNTING CHANGES AND OTHER CHARGES

 CHICAGO, June 15 /PRNewswire/ -- Morton International, Inc. (NYSE: MII) is contemplating the adoption of FASB Statement No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and FASB Statement No. 112, "Employers' Accounting for Postemployment Benefits," in this fiscal year which ends June 30. A one-time, non- cash, pretax charge of approximately $150 million will be recorded for the initial, unfunded, accumulated postretirement/service obligations relating to the two changes in accounting as well as approximately $8 million incremental non-cash pretax expense for the current fiscal year.
 Also in the fourth fiscal quarter, the company is considering additionally pretax provisions of approximately $15 million for potential environmental clean-ups at certain waste disposal sites at which the company has been named a potentially responsible party and approximately $30 million for charges relating to restructuring of operations, including dispositions of property and the relocation of manufacturing facilities. The company anticipates that annual cost savings of approximately $15 million will result from the restructuring actions once they are fully implemented.
 Regarding the outlook for the current fiscal year, Morton's Chairman and Chief Executive Officer Charles Locke commented that, "Excluding the above described charges, we anticipate profits for the year ending this June to be at least at the mid-point of the earnings per share range I predicted last October, which means that the fourth quarter earnings per share should be 70 to 75 cents." (Morton's range of $3.00 to $3.30 did not include the impact of the charges noted above.)
 Morton International is a Chicago-based manufacturer and marketer of specialty chemicals, automotive inflatable restraint systems, and salt.
 -0- 6/15/93
 /CONTACT: Nancy A. Hobor, 312-807-2424, of Morton/
 (MII)


CO: Morton International, Inc. ST: Illinois IN: CHM SU:

MP -- NY094 -- 2293 06/15/93 16:13 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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