Olin Announces Sale of Surfactants Businesses to BASF

Oct 22, 1997, 01:00 ET from Olin Corporation

    NORWALK, Conn., Oct. 22 /PRNewswire/ -- Olin Corporation (NYSE:   OLN) today
 announced that BASF will purchase Olin's surfactants, fluids, non-urethane
 polypropylene glycol and polyethylene glycol businesses located at Olin's Doe
 Run facility in Brandenburg, KY.
     The transaction has been approved by the boards of directors of both
 companies and has passed appropriate regulatory reviews.  The companies hope
 to conclude the transaction by year end.  Under the terms of the agreement,
 Olin will also manufacture product for BASF at the Doe Run facility as part of
 a supply agreement.
     "This sale to BASF is part of a series of strategic initiatives that we
 announced one year ago.  More importantly, it represents a continuation of our
 strategy to create a more focused, more profitable company, while providing
 additional flexibility as we continue to explore new opportunities for
 growth," said Olin Executive Vice President Michael E. Campbell, who oversees
 Olin's chemical segment businesses.
     Olin's surfactants are used in household, industrial and institutional
 detergents and cleansers as well as in the textile and pulp and paper
 industries.  The company's fluids are principally used in hydraulic systems
 and as flow agents in soldering applications.  The polypropylene glycol and
 polyethylene glycol products are primarily sold to distributors and are used
 in numerous applications, including serving as carrying agents in cosmetics
 and other personal care products.
     This transaction is consistent with Olin's announcement in its second
 quarter earnings release that it would retain the non-foam polyols businesses
 at Doe Run and will continue to produce intermediate chemicals for Olin
 Microelectronic Materials.  Olin will also continue to own and operate the Doe
 Run site.  The company continues to evaluate options that could lead to the
 sale or repositioning of the remaining businesses at Doe Run, which include
 propylene glycol, glycol ethers and disulfonate surfactants.
     A Fortune 500 company headquartered in Norwalk, CT, Olin is one of the
 world's leading producers of chemicals, metals, microelectronic materials and
 sporting ammunition.
     BASF Corporation, headquartered in Mount Olive, NJ, is the NAFTA region
 member of the global BASF Group.  Its diversified product mix includes
 chemicals, nylon fibers, polymers, automotive coatings, colorants,
 pharmaceuticals, agricultural products and vitamins.

SOURCE Olin Corporation