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NOEL GROUP COMPLETES INVESTMENT IN SYLVAN FOODS HOLDINGS

      NOEL GROUP COMPLETES INVESTMENT IN SYLVAN FOODS HOLDINGS
    NEW YORK, Nov. 8 /PRNewswire/ -- Noel Group, Inc., announced today the completion of a $9.1 million purchase of 1,258,000 common shares of Sylvan Foods Holdings, Inc. (NASDAQ: SYLN), a transaction which was contingent on Sylvan's successful acquisition of Somycel S.A.
    Sylvan, a leading developer, producer and distributor of fresh mushrooms and mushroom spawn (the equivalent of seed for mushrooms), acquired all shares of Somycel from a subsidiary of H.J. Heinz Company Ltd. last week.  The acquisition was financed by the stock sale to Noel, bank borrowings and subordinated debentures.  Somycel, based in Langeais, France, is a major European producer of mushroom spawn.
    Noel, a private New York-based firm with controlling and other large holdings in the natural resources, medical technology and consumer products industries, now holds a 25 percent interest in Sylvan. In addition to Sylvan, Noel has significant ownership in Global Natural Resources Inc. (NYSE: GNR), Garnet Resources Corp. (NASDAQ: GARN), and VISX, Inc. (AMEX: VSX).
    -0-           11/8/91
    /CONTACT:  Donald T. Pascal, vice president of Noel Group, 212-371-1400/
    (SYLN) CO:  Noel Group, Inc.; Sylvan Foods Holdings, Inc. ST:  New York IN:  FOD SU:  TNM JT-OS -- NY041 -- 2606 11/08/91 12:57 EST
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Publication:PR Newswire
Date:Nov 8, 1991
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