SOUTHFIELD, Mich., Dec. 1, 2011 /PRNewswire/ — Detrex Corporation (DTRX.PK) has entered into a definitive agreement to sell its subsidiary, Harvel Plastics, Inc. of Easton, PA to Georg Fischer AG for approximately $50 million in cash. Detrex Corporation’s share of the after-tax sale proceeds is estimated to be $30 million. The transaction is expected to close in January 2012.

Harvel is a leading North American manufacturer of high quality PVC and CPVC piping, duct systems and other specialty shapes products. Georg Fischer is a global industrial products company and leader in piping systems. Georg Fischer plans to integrate Harvel into its Piping Systems business unit.

Tom Mark, Detrex’s President and CEO said that “the sale of Harvel is a strategic move to capture the value of this fine company as market conditions have begun to favor full scope global suppliers such as Georg Fischer. The sale serves to strengthen Detrex’s financial condition, maximizes shareholder value and better positions Detrex as a specialty chemicals company.”

About Detrex Corporation
Founded in 1925, Detrex Corporation is a manufacturer of products for the global industrial manufacturing and commercial construction markets through its subsidiaries Elco Corporation and Harvel Plastics. Elco is a leading manufacturer of high performance specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid. Harvel makes and markets high quality PVC and CPVC products such as piping, duct systems and other specialty forms for primarily industrial applications.

Forward Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” “target” and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. Certain risks and uncertainties are identified from time to time in the Company’s reports. Some factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, environmental remediation costs, pension expense and funding requirements, liquidation value of assets, and marketability of real estate and the market value and future liquidity of Detrex stock. The Company claims the protection of the safe harbor for forward-looking statements contained in the 1995 Act.

SOURCE Detrex Corporation