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WITCO TO SELL CHEMPRENE DIVISION

 NEW YORK, Oct. 5 /PRNewswire/ -- Witco Corporation (NYSE: WIT) announced today that it has signed an agreement for the sale to CMP Acquisition Corporation of its Chemprene, Inc., subsidiary's plant and equipment at Beacon, N.Y. Chemprene manufactures lightweight belting, coated fabrics, and industrial diaphragms. The purchase price was not disclosed.
 The cash transaction is expected to close on Nov. 1, 1993. CMP Acquisition Corporation, which will be headquartered in Beacon, was formed by several members of Chemprene management and Fleet Equity Partners of Providence, R.I., for the purpose of the acquisition.
 Witco Chairman and Chief Executive Officer William R. Toller said, "The execution of this divestment is a step in meeting our corporate goals of pruning assets that do not meet our business criteria and of concentrating our resources on building our core components of specialty chemical and petroleum products. We are especially happy for the employees of Chemprene that it will continue to be managed by people with an entrepreneurial spirit and with established expertise in their industry."
 Witco Corporation is a worldwide manufacturer of specialty chemical and petroleum products with over 60 manufacturing facilities in 12 countries and a marketing organization that spans the globe. It ranks in the Fortune 250 industrial firms and 1993 sales are expected to exceed $2.3 billion.
 -0- 10/5/93
 /CONTACT: C. R. Soderlind, senior vice president, 212-605-3813, or S. L. Levy, manager-public relations, 212-605-3815, both of Witco/
 (WIT)


CO: Witco Corporation; CMP Acquisition Corporation ST: New York IN: SU:

GK-WB -- NY069 -- 9019 10/05/93 16:16 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
Words:260
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