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UPJOHN SIGNS LETTER OF INTENT TO SELL ASGROW FLORIDA

 KALAMAZOO, Mich., Oct. 26 /PRNewswire/ -- The Upjohn Company (NYSE: UPJ) has signed a letter of intent with Terra Industries Inc. (NYSE: TRA), for Terra to purchase the assets and business of Asgrow Florida Company, an Upjohn subsidiary. This proposed transaction is for the purchase of Asgrow Florida only and does not include the agronomic or vegetable seed portions of Asgrow Seed Company.
 Asgrow Florida Company is a distributor of agricultural materials including chemicals, seeds and specialty products with 12 stores located in Florida and one in southeast Georgia. Asgrow Florida headquarters are in Plant City, Fla. It was purchased by Upjohn along with the rest of Asgrow Seed Company in 1968.
 According to Gerald A. Welch, corporate executive vice president for The Upjohn Company's Allied Businesses, the move is the result of Upjohn's continual review of its entire portfolio of business operations.
 "Asgrow Florida is primarily a chemical-based distributor which no longer fits the research-oriented nature of our Agricultural Division," Welch said. "We will continue to focus on our core agricultural businesses."
 "Asgrow Florida has provided consistent growth," Welch added, "and it will be a perfect fit in Terra's overall operation. We anticipate the sale to be completed by the end of the year."
 Terra Industries Inc. is a leading marketer and producer of fertilizer, crop protection products, seed and services for agriculture. Its headquarters are in Sioux City, Iowa.
 The Upjohn Company is a worldwide, research-based provider of human health care products, animal health products, agronomic and vegetable seeds and specialty chemicals. Headquartered in Kalamazoo, the company has been dedicated to improving health and nutrition for more than a century.
 -0- 10/26/93
 /CONTACT: Maury Ewalt of The Upjohn Company, 616-385-6658/
 (UPJ TRA)


CO: The Upjohn Company; Terra Industries Inc.; Asgrow Florida Company ST: Michigan, Florida, Iowa IN: AGR SU: TNM

ML-SM -- DE005 -- 6741 10/26/93 09:04 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
Words:312
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