RNS Number:4620O
Compagnie de Saint-Gobain
26 July 2000

         Saint-Gobain to launch a friendly tender offer for Chemfab

The Boards of Directors of Chemfab Corporation (NYSE: CFA) and Norton Company, a
U.S.-based subsidiary of Compagnie de Saint-Gobain, jointly announced the
signing of a definitive agreement under which a subsidiary of Norton Company
will begin a tender offer on August 2, 2000 to purchase all of the outstanding
shares of Chemfab at $18.25 per share, net to the seller in cash (excluding any
tax effect). This price represents a 42% premium over the last six months'
average trading price. The value of the transaction is approximately $136
million to purchase Chemfab's shares and approximately $5 million to extinguish
outstanding options, plus the assumption of approximately #30 million in net
financial debt. Each of the Directors of Chemfab, including Mr. John Verbicky,
President and Chief Executive Officer, has agreed to tender all of his shares of
Chemfab common stock to Saint-Gobain in the tender offer.

The Board of Directors of Chemfab has unanimously agreed to recommend that its
shareholders accept the offer and tender their shares. The tender offer is
scheduled to close on August 30, 2000, but may be extended by Saint-Gobain
subject to certain conditions. The transaction is subject to approval by the
relevant anti-trust authorities.

Chemfab has a worldwide presence with locations in nine countries (USA, Europe,
Asia, South America) and sales of $125 million for the fiscal year ended June
30, 2000.
Chemfab is a leader in the design, manufacture and marketing of polymer-based
engineered products for use in specialized and severe service environments. The
company's products are films, coated glass fabrics and adhesive tapes, which are
based on glass fiber-reinforced and non-reinforced fluoropolymers,
fluoroelastomers and silicone elastomers. These are sold into food processing,
architectural, electrical, environmental, aerospace and other industrial
businesses.

Chemfab will be integrated into Saint-Gobain Performance Plastics, which was
formed last year following the acquisition of Furon Company and its integration
with Norton Performance Plastics Corp. Saint-Gobain Performance Plastics, a
leader in the high performance plastics business, serves a broad range of
industries including transportation, electronics, food processing, electrical,
medical device, and pharmaceutical. it processes high-performance polymers and
elastomers into flexible foams, bearings, flexible tubing and fluid handling
systems, films and pressure sensitive tapes.

Both companies have a great fit from a technical, industrial and commercial
point of view. On a pro forma basis for calendar year 2000, Saint-Gobain
Performance Plastics' and Chemfab's combined businesses should have sales of
more than $850 million and 5,400 employees in 15 countries.

Chemfab's acquisition will allow immediate industrial synergies that will
strengthen the combined companies. It will be earnings enhancing for
Saint-Gobain Group as early as 2001.

July 26th, 2000
                             Investor Relations Department

Tel.: Florence TRIOU-TEIXEIRA       +33 1 47 62 45 19 - mailto:                 
                                    florence.triou@saint-gobain.com

Tel.: Lounis BEKKAT                 +33 1 47 62 32 36 - mailto:                 
                                    lounis.bekkat@saint-gobain.com
                                     Fax: +33 1 47 62 50 62
Compagnie De Saint-gobain (LSE:COD)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Compagnie De Saint-gobain Charts.
Compagnie De Saint-gobain (LSE:COD)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Compagnie De Saint-gobain Charts.