BFGoodrich to Acquire Freedom Chemical

BFGoodrich (Richfield, Ohio) will acquire Freedom Chemical Co. (Radnor, Pa.) for approximately $375 million in cash. The acquisition should be completed during the first quarter of 1998, subject to certain regulatory filings and the completion of normal closing matters.

Freedom Chemical Co. manufactures specialty and fine chemicals used in personal care, food and beverage, pharmaceutical, textile, graphic arts, paints, colorants and coatings applications and as chemical intermediates.

David B. Price, president and COO of BFGoodrich Specialty Chemicals, said, "The acquisition of Freedom Chemical Co. accelerates the growth of our specialty chemicals businesses, both in strategic market segments and in geographical areas outside North America. This key acquisition will increase the size of our specialty chemicals businesses by approximately 30 percent, expand Goodrich's already strong presence in industries such as personal care, pharmaceuticals and textiles, and allow us to enter attractive new growth sectors for us such as food and beverages."

Fred P. Rullo, chairman and CEO of Freedom Chemical Co., said, "There are significant synergies between Freedom's and BFGoodrich's specialty chemicals businesses. Our business philosophy, direction and objectives closely parallel each other. The future of the combined companies is very exciting."

Freedom Chemical Co. consists of four wholly owned subsidiaries: Kalama Chemical, Inc., Freedom Chemical Diamalt GmbH, Hilton Davis Chemical Co. and Freedom Textile Chemicals Co.

BFGoodrich Specialty Chemicals is a leading manufacturer and supplier of specialty additives and specialty plastics for a wide range of applications, including textiles, coatings, personal care, pharmaceuticals, graphic arts, industrial piping, plumbing and automotive.