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The Â鶹´«Ã½ Trade Commission has approved Olin Corporation's plan to divest its 50 percent interest in Chlor-Chem Ltd., a joint venture located in the United Kingdom, to Schering Agrochemicals Holdings Ltd. Olin is based in Stamford, Connecticut. Schering Agrochemicals is a subsidiary of Shering A.G, a multinational pharmaceutical firm headquartered in Berlin, Germany. Schering or one of its affiliates has owned the other half of Chlor-Chem since 1985.

Prior FTC approval of the divestiture was required under a 1990 Commission order stemming from the FTC's challenge of Olin's 1985 acquisition of assets owned by FMC Corporation. The Commission held that the acquisition could substantially reduce competition in the U.S. market for dry pool-sanitizing chemicals, and required Olin to divest the former FMC assets to an entity or entities that would operate them so as to restore the lost competition. The Commission decision and order were affirmed on appeal by the Ninth Circuit Court of Appeals, and became final in February 1994, when the Supreme Court denied Olin's petition to hear the case.

The FTC already has approved Olin's applications to divest the other FMC assets as required by the order -- these assets include pool chemical facilities in South Charleston, West Virginia, and Livonia, Michigan; and the SUN Brand swimming pool chemical business.

The Commission vote to approve the divestiture of Chlor-Chem was 5-0.

Copies of the letter approving the divestiture, as well as other documents associated with this case, are available from the FTC's Public Reference Branch, Room 130, 6th Street and Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-326-2222; TTY for the hearing impaired 1-866-653-4261. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710. FTC news releases and other materials also are available on the Internet at the FTC's World Wide Web site at: http://www.ftc.gov

(FTC Docket No. 9196)