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UNION CARBIDE'S INDUSTRIAL GASES SPIN-OFF RECEIVES FAVORABLE TAX RULING

UNION CARBIDE'S INDUSTRIAL GASES SPIN-OFF RECEIVES FAVORABLE TAX RULING
 DANBURY, Conn., May 22 /PRNewswire/ -- Union Carbide (NYSE: UK) Chairman and Chief Executive Officer Robert D. Kennedy announced that the corporation received a ruling today from the U.S. Internal Revenue Service advising that the proposed spin-off of the corporation's industrial gases business will be tax free to the corporation and its shareholders.
 Kennedy also stated that he expected the corporation's board of directors to take required formal action in June with the actual distribution date for the spin-off to occur shortly thereafter.
 -0- 5/22/92
 /CONTACT: Tom Failla of Union Carbide, 203-794-6928/
 (UK) CO: Union Carbide ST: Connecticut IN: CHM SU:


KD -- NY052 -- 3410 05/22/92 15:29 EDT
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Publication:PR Newswire
Date:May 22, 1992
Words:121
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