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NOEL GROUP COMPLETES ACQUISITION OF CURTIS INDUSTRIES STOCK

 NOEL GROUP COMPLETES ACQUISITION OF CURTIS INDUSTRIES STOCK
 NEW YORK, Aug. 17 /PRNewswire/ -- Noel Group, Inc. (NASDAQ: NOEL) announced today its acquisition of newly-issued equity securities of Curtis Industries, Inc., for a total of $15 million. Under its agreement with Curtis, Noel purchased a majority of the common stock of Curtis and $14 million of preferred stock.
 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 second major 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. Last week Noel announced an agreement to acquire the assets of Lincoln Snack Consumer Company division of Sandoz Corporation. Lincoln Snack, which had sales of about $30 million in 1991, is a leading manufacturer and marketer of pre-popped candied popcorn in the United States and Canada under the brand names of Poppycock, Fiddle-Faddle and Screaming Yellow Zonkers.
 Noel conducts its operation through small and medium-sized operating companies. The company plans to distribute to its shareholders shares it owned in three public companies, Global Natural Resources, Inc. (NYSE: GNR), Garnet Resources Corp. (NASDAQ: GARN) and VISX, Inc. (AMEX: VSX). The distributions will be made Sept. 21 to shareholders of record on Aug. 24. In addition to these three companies, Noel's principal holdings are Sylvan Foods Holding, Inc. (NASDAQ: SYLN), Health Management International, Inc. (NASDAQ: HMII) and a private company, Simmons Outdoor Corporation.
 -0- 8/17/92
 /CONTACT: Donald R. Dwight of Noel Group, 213-661-8480/
 (NOEL) CO: Noel Group, Inc.; Curtis Industries, Inc. ST: New York, Ohio IN: SU: TNM


AH-TM -- NY082 -- 0691 08/17/92 17:21 EDT
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Date:Aug 17, 1992
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