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UNION CARBIDE COMPLETES SPIN-OFF OF PRAXAIR

 UNION CARBIDE COMPLETES SPIN-OFF OF PRAXAIR
 DANBURY, Conn., June 30 /PRNewswire/ -- Union Carbide Corporation's


(UCC) (NYSE: UK) board of directors today formally completed the spin- off of its industrial gases subsidiary, renamed Praxair, Inc. Under the terms of the spin-off, UCC shareholders at the end of business today were issued one share of Praxair for each UCC share held.
 Tomorrow, Praxair will be a separate public company. Praxair, currently trading on a "when-issued (wi)" basis on the New York Stock Exchange (symbol: PXwi), will begin trading on a regular basis on July 6 (symbol: PX). UCC, currently trading on both a "when-issued" (symbol: UKwi) and regular basis (symbol: UK), will trade only on a regular basis beginning on July 6.
 In related developments, Union Carbide announced adjustments to the following securities as a result of the spin-off:
 -- Union Carbide reduced the conversion price of the 7-1/2 percent convertible subordinated debentures due 2012 from $35.50 per share to $15.79 per share. The new conversion price became effective at the close of business today. As of June 29, there were $345 million principal amount of 7-1/2 percent convertible debentures outstanding. The debentures are now convertible into 21.8 million shares of UCC common stock.
 -- UCC declared a special dividend of 10.5 million shares of ESOP convertible preferred stock for UCC's Employee Stock Ownership Plan (ESOP). The shares were issued to State Street Bank and Trust Company, the ESOP trustee and holder of the ESOP preferred stock. UCC also said that the conversion price, liquidation price and annual preferred dividend of the ESOP preferred stock have been adjusted from $21.50, $21.50 and $1.90, respectively, to $8.98, $8.98 and $0.79, respectively. With the special ESOP dividend, the ESOP preferred shares now outstanding are convertible into a total of 18 million shares of UCC common stock.
 Union Carbide Corporation is a highly focused basic chemicals company with many of the industry's most advanced process technologies and some of the most efficient large-scale chemical production facilities found anywhere in the world. In 1991, Union Carbide had sales of nearly $5 billion (excluding Praxair sales).
 Union Carbide is:
 -- Among the largest manufacturers of polyethylene, the world's most widely used plastic, and the technology leader in this industry.
 -- The world's largest producer of ethylene oxide and its derivatives, including ethylene glycol, used for polyester fiber, resin and film, automotive antifreeze and other products.
 -- The leading North American supplier of solvents and intermediates to the paint and coatings industry.
 Praxair, formerly known as Union Carbide Industrial Gases Inc., is the largest supplier of industrial gases in North and South America and one of the largest worldwide. The company also is a major supplier of metallic and ceramic coatings to many industries. Worldwide sales in 1991 were $2.5 billion.
 -0- 6/30/92
 /CONTACT: Tomm F. Sprick of Union Carbide, 203-794-6992, or William E. Hoerger of Praxair, 203-794-6986/
 (UK) CO: Union Carbide; Praxair ST: Connecticut IN: CHM SU:


AH -- NY104 -- 5416 06/30/92 19:20 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 30, 1992
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