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Technology Stocks : Hercules HPC

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To: Big Dog who wrote (10)	1/31/2000 5:09:00 PM
From: Big Dog	of 21

Buyer looking at Hercules nitrocellulose operation WILMINGTON, Del., Jan 31 (Reuters) - Hercules Inc. (NYSE:HPC - news) said Monday it has a non-binding letter of intent to sell the nitrocellulose product line manufactured at its Parlin plant in Sayreville, N.J. Although Hercules officials would not identify the prospective buyer, the company's statement did say that an evaluation of the business is underway and was expected to take 90 days. This is an estimate of the time needed for the buyer to complete due diligence, explained Hercules spokesman John Riley, adding "everything is on hold" until that step is completed. On Dec. 10, Hercules announced its intention to exit the nitrocellulose business in order to focus efforts on other areas of its specialty chemicals operations. At that time, the company said that it would phase out nitrocellulose production with layoffs beginning in February and all production ending during the third quarter. In Monday's statement, Hercules said "the company is not able to provide further details or to comment on the negotiations now underway."

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