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NOEL GROUP AGREES TO ACQUIRE STOCK IN CURTIS INDUSTRIES

 NOEL GROUP AGREES TO ACQUIRE STOCK IN CURTIS INDUSTRIES
 NEW YORK, Aug. 4 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL)


announced today a preliminary agreement with respect to its purchase of newly issued equity securities of Curtis Industries, Inc., for $15 million. Pursuant to the agreement, Noel plans to purchase a majority of the common stock of Curtis and $14 million of preferred stock.
 The transaction is subject to a number of conditions, including execution of a definitive agreement, satisfactory due diligence by Noel, satisfactory arrangements with Curtis's lenders and final approval by the board of directors of Noel and Curtis.
 Curtis, a privately owned company with headquarters in Eastlake, Ohio, is a national distributor of fasteners, security products, chemicals, automotive replacement parts, fittings and connectors, tools and hardware. Curtis manufactures security products including keys and key cutting machines; other sales are derived from products manufactured by third parties. The company had sales of approximately $90 million in 1991.
 The stock purchase is the first transaction by Noel since its initial public offering in January in which it raised about $100 million for the acquisition of control positions in established companies.
 Noel conducts its operations through small and medium-sized operating companies. It announced its intention last month to distribute to its shareholders substantially all of its interest in three public companies, Global Natural Resources Inc. (NYSE: GNR), Garnet Resources Corp. (NASDAQ: GARN) and VISX, Inc. (AMEX: VSX). In addition to these three companies Noel's principal holdings are Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), Health Management International, Inc. (NASDAQ: HMII) and a private company, Simmons Outdoor Corporation.
 -0- 8/4/92
 /CONTACT: Donald R. Dwight of Noel Group, 203-661-8480/
 (NOEL) CO: Noel Group, Inc. ST: New York IN: SU: TNM


LD-PS -- NY064 -- 6838 08/04/92 17:14 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
Words:297
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