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RHONE-POULENC, ETHYL SIGN LETTER OF INTENT

 RHONE-POULENC, ETHYL SIGN LETTER OF INTENT
 PARIS, Oct. 21 /PRNewswire/ -- Rhone-Poulenc S.A. (NYSE: RP Pr A)


today issued the following U.S. version of a joint announcement it released in France with Miniere et Chemique and Ethyl Corporation (NYSE: EY):
 -- A letter of intent has been signed by Rhone-Poulenc and Ethyl regarding the divestiture of Rhone-Poulenc and EMC's participation in the group Potasse et Produits Chimiques (PPC).
 Rhone-Poulenc, a French-based multinational chemical and pharmaceutical company, and Ethyl Corporation, a multinational company headquartered in Richmond, Va., have reached an agreement in principle under which Ethyl will acquire Rhone-Poulenc's and Entreprise Miniere et Chimique's common affiliate company Potasse et Produits Chimiques (PPC). PPC, located at Thann, Haut-Rhin France, is jointly owned by Rhone- Poulenc through their affiliate Thann et Mulhouse and by Entreprise Miniere et Chimique. The proposed transaction is valued in excess of US$100 million.
 PPC's annual turnover in 1991 was 586 million French Francs (approximately 120 million U.S. dollars). PPC is one of the largest producers of organic and inorganic brominated compounds used mainly as photographic, agrochemical and pharmaceutical intermediates. The company also operates an electrolysis unit to produce caustic potash and potassium carbonate used in the glass, chemical and food industries.
 Ethyl Corporation is one of the world's largest producers of elemental bromine and brominated chemicals. PPC will complement Ethyl's global position in performance chemicals and will strengthen Ethyl's and PPC's position in bromine derivatives. The transaction is subject to satisfactory completion of due diligence, approval by Ethyl's board of directors and appropriate governmental authorities. The transaction is expected to be completed by year end.
 -0- 10/21/92
 /CONTACT: Bertrand Salle de Chou, in Paris: 1-476-80215, or Jacques Mazard, in Paris: 1-476-82829, or (investors) Arvind Sood, 908-821-3487, all of Rhone-Poulenc/
 (RP) CO: Rhone-Poulenc; Ethyl Corporation ST: IN: CHM SU: TNM


TS -- NY066 -- 2881 10/21/92 12:17 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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