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PFIZER BOARD OF DIRECTORS APPROVES PUBLIC OFFERING OF MAJORITY INTEREST IN MINERALS TECHNOLOGIES; PFIZER TO RETAIN MINORITY INTEREST

PFIZER BOARD OF DIRECTORS APPROVES PUBLIC OFFERING OF MAJORITY INTEREST
 IN MINERALS TECHNOLOGIES; PFIZER TO RETAIN MINORITY INTEREST
 NEW YORK, Aug. 17 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) today announced that its board of directors has authorized the sale, through an initial public offering of common stock, of a majority interest in Minerals Technologies Inc., a newly named company that will consist of Pfizer's Specialty Minerals operations. After the sale, Pfizer will hold approximately 30 to 40 percent of the shares of the new public company.
 Minerals Technologies Inc. expects to file a registration statement for the public offering with the Securities and Exchange Commission within a week. It is expected that the transaction will be completed before the end of the year.
 Pfizer also announced that Dr. Jean-Paul Valles will serve as the chairman of the board of directors, and chief executive officer of the public company. Since 1989, Pfizer's Specialty Minerals Group has been reporting to Dr. Valles in his role as vice chairman of Pfizer Inc. Pfizer Chairman and Chief Executive Officer William C. Steere, Jr., and Pfizer Chairman Emeritus Edmund T. Pratt, Jr., also will be among the new company's directors.
 "This transaction furthers Pfizer's ongoing strategy of focusing on its strengths as a research-based, diversified health-care company with global operations," said Steere. "We deeply appreciate the enormous contribution that the dedicated employees of the Specialty Minerals group have made to Pfizer over the years. In keeping with the Pfizer tradition of respect and support for our people, we intend to complete the transfer to the new company in a manner fully consistent with their well-being."
 Pfizer Inc's businesses include Pharmaceuticals, Hospital Products, Consumer Healthcare, Animal Health and Specialty Chemicals. The company reported sales of approximately $6.95 billion in 1991.
 NOTE: The securities described herein will be offered only by means of a prospectus. A registration statement relating to these securities will be filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 -0- 8/17/92
 /CONTACT: Rick Honey, 212-573-2051, or Brian McGlynn, 212-573-2055, both of Pfizer/
 (PFE) CO: Pfizer Inc.; Minerals Technologies Inc. ST: New York IN: MTC SU: OFR


SH -- NY054 -- 0544 08/17/92 13:13 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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