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WITCO REPORTS SECOND QUARTER AND SIX MONTH RESULTS

 NEW YORK, July 19 /PRNewswire/ -- Witco Corporation (NYSE: WIT) today reported net income for the second quarter of 1993 of $14,898,000, or 58 cents per common share, including a previously announced after-tax charge of $6.06 million, or 23 cents per common share, as a result of the accounting treatment for sublease arrangements of its existing offices in New York City and Woodcliff Lake, N.J., to be vacated when it relocates to its world headquarters in Greenwich, Conn. Net income for the second quarter before the charge was $20,959,000, or 81 cents per common share, compared to net income for the same period of 1992 of $17,976,000, or 78 cents per common share. Net sales for the second quarter of 1993 were $549,449,000, 29 percent higher than $426,938,000 for the comparable period in 1992. The increase in sales was primarily due to the company's November 1992 acquisition of businesses from Schering AG.
 The 23 cent charge, taken in accordance with APB 29, "Accounting for Nonmonetary Transactions," has no significant effect upon cash flow. Under the sublease arrangements, Witco will be paid in business trade credits and expects to recognize income from the use of the business trade credits over the remaining term of the leases in a total amount equal to the charge.
 Net income for the first six months of 1993 before the after-tax charge of $6.06 million was $39,766,000, or $1.59 per common share, compared to net income for the same period of 1992 of $36,904,000, or $1.59 per common share, before a charge of $14,690,000, or 59 cents per common share, as a result of adopting a change in accounting for postretirement benefits. Net income for the first six months of 1993, including the after-tax charge of $6.06 million, was $33,705,000, or $1.36 per common share. Record net sales of $1,102,623,000 for the first six months of 1993 were 30 percent more than net sales of $847,257,000 for the same period of 1992.
 Witco Chairman and Chief Executive Officer William R. Toller said that the company's petroleum group showed increasing strength in both sales and earnings, while the chemical group's and the diversified products group's sales and earnings were generally stable. "We are encouraged," he said, "by the results of our operations in Europe. We have been impressed by the ability of our European colleagues to enact crucial cost effective measures, including leverage in purchasing raw materials, to improve the bottom line despite soft sales due to economic conditions. We expect the second half of the year to show improving trends worldwide."
 Witco, a worldwide manufacturer of specialty chemical and petroleum products and engineered materials, is on the Fortune list of the 250 largest U.S.-based industrial firms. Witco operates 65 manufacturing facilities in 12 countries and has sales offices that span the world. Its 1992 annual sales exceeded $1.7 billion.
 WITCO CORPORATION AND SUBSIDIARY COMPANIES
 Three months ended June 30 1993(A) 1992
 Net sales $549,449,000 $426,938,000
 Income before federal and
 foreign income taxes 22,711,000 27,746,000
 Federal and foreign income taxes 7,813,000 9,770,000
 Net income 14,898,000(B) 17,976,000
 Net income per common share .58(B) .78
 Average number of common shares 28,038,000 24,881,000
 Six months ended June 30 1993(A) 1992
 Net sales $1,102,623,000 $847,257,000
 Income before federal and foreign
 income taxes and cumulative effect
 of accounting change 51,380,000 56,776,000
 Federal and foreign income taxes 17,675,000 19,872,000
 Income before cumulative effect
 of accounting change 33,705,000(B) 36,904,000
 Cumulative effect of accounting
 change -- (14,690,000)(C)
 Net income 33,705,000(B) 22,214,000
 Net income per common share:
 Income before cumulative effect
 of accounting change $1.36(B) $1.59
 Cumulative effect of accounting
 change -- (.59)(C)
 Net income 1.36(B) 1.00
 Average number of common shares 26,699,000 24,832,000
 (A) -- Second quarter and six months 1993 results include net sales of $122 million and $250 million, and income before taxes of approximately $3,300,000 and $6,800,000 respectively, related to the acquisition in November 1992 of two divisions of Schering AG.
 (B) -- Includes a charge of $6,061,000, or $.23 per common share, based on an agreement to sublease two present office facilities as a result of the company's commitment to relocate to a new world headquarters.
 (C) -- Represents the cumulative effect of the adoption in 1992 of FAS 106 for postretirement benefits other than pensions.
 -0- 7/19/93
 /CONTACT: C.R. Soderlind, senior vice president, 212-605-3813, or S.L. Levy, manager public relations, 212-605-3815, both of Witco Corporation/
 (WIT)


CO: Witco Corporation ST: New York IN: CHM SU: ERN

TS-OS -- NY049 -- 3063 07/19/93 12:46 EDT
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Date:Jul 19, 1993
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