NEWTOWN SQUARE, Pa., Dec. 4 /PRNewswire/ -- ARCO Chemical Company
(NYSE: RCM) announced today that the company has completed the purchase of
Olin Corporation's (NYSE: OLN) toluene diisocyanate (TDI) and aliphatic
diisocyanate (ADI) businesses, first announced on October 10, 1996.  The
acquisition of the Olin assets for $565 million, including an estimated
$80 million of working capital, makes ARCO Chemical the second largest
marketer of TDI worldwide with a market share of 19 percent.
    With this transaction ARCO Chemical has acquired Olin's TDI and ADI
facilities at Lake Charles, Louisiana, along with related patents and process
technologies.  As part of the transaction, ARCO Chemical will employ
approximately 480 people previously associated with Olin at these facilities.
Commenting on the closing, Alan R. Hirsig, President and Chief Executive
Officer at ARCO Chemical, said, "We are happy to announce the conclusion of
this transaction, which we believe will have far reaching and positive impact
on ARCO Chemical's urethanes and coatings businesses."
    The acquired Olin assets represents TDI capacity of 250 million pounds and
ADI capacity of 17 million pounds.  ARCO Chemical will also be purchasing
technology for the isocyanates and a dinitrotoluene (DNT) technology package.
    ARCO Chemical Company is a leading worldwide manufacturer and marketer of
intermediate chemicals and specialty products used in a broad range of
consumer and industrial products.

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