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UCC&P PHENOXY BUSINESS ACQUIRED

 DANBURY, Conn., Jan. 29 /PRNewswire/ -- Phenoxy Associates of Rock Hill, S.C., USA, has acquired the Phenoxy Resin business of Union Carbide Chemicals and Plastics (UCC&P) (NYSE: UK) it announced today, in a move that will secure long-term continuity of supply to a worldwide customer base and allow further product development of specialty thermoplastics.
 These phenoxy resins (high molecular weight thermoplastic polymers of epichlorohydrin and Bis-phenol A) are especially durable and versatile, having applications in metal primers, binders for magnetic tapes, polymer alloys, coatings for rigid and flexible packaging, and adhesives.
 The newly formed Phenoxy Associates (PA) comprises former UCC&P employees with 50 years' cumulative experience in the phenoxy business, together with additional private financing from a trust associated with UK chemical industrialist Mr. Ken Schofield.
 PA now plans to transfer the phenoxy unit, currently at UCC&P's Bound Brook, N.J. plant, to a site adjacent to existing facilities operated by MTM Hardwicke Inc. in Rock Hill, S.C. The plant is expected to be commercially operational at Rock Hill by the end of 1994, and PA will contract services and technical support from MTM.
 Customers have been offered contracts assuring them of supply continuity during the transition period. Inventory is being accumulated for that purpose.
 Richard Lasher of PA comments: "We will be working closely with UCC&P to ensure ongoing continuity of supply of the existing product range through a smooth, reliable transition of production facilities. PA has a highly experienced team which has established its expertise in servicing the phenoxy resin market. Our focus is on optimizing the quality of the existing products and on working with our customers to develop those products and introduce new materials to meet their requirements."
 -0- 1/29/93
 /CONTACT: Dick Lasher of Phenoxy Associates, 203-794-2735 or 800-331-7721 (after Feb. 1)/
 (UK)


CO: Union Carbide Chemicals and Plastics; Phenoxy Associates ST: Connecticut, South Carolina IN: CHM SU: TNM

WB -- NY042 -- 0736 01/29/93 12:06 EST
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Date:Jan 29, 1993
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