JLM Industries, Inc. Acquires Alcohol Distribution Business

Business Wire, Nov 8, 1999

TAMPA, Fla.--(BUSINESS WIRE)--Nov. 8, 1999--

JLM Industries, Inc. (Nasdaq:JLMI) Monday announced that its affiliate company JLM Marketing, Inc. and Societe Financiere d' Entreposage et de Commerce International de l'Alcool, S.A. have entered into a contract for the purchase of the Sofecia USA industrial ethyl alcohol distribution business.

The acquisition includes various assets, inventory, receivables and contractual commitments of Sofecia USA. The business is engaged in the marketing and distribution of synthetic and fermentation grade ethyl alcohol throughout the United States.

According to Jerry A. Dunn, JLM Marketing's Vice President of Sales, "this acquisition will further enhance our ability to provide a broad range of pure and formulated ethanol to our core markets and key customer partners."

JLM Industries, Inc. and Societe Financiere d' Entreposage et de Commerce International de l'Alcool, S.A. have further agreed to mutually develop ethanol production and marketing opportunities throughout the world.

JLM Industries, Inc. is a leading marketer, distributor and manufacturer of certain commodity chemicals, principally acetone and phenol. The Company believes it is the second largest marketer of acetone and the fifth largest marketer of phenol in North America. It is also a global distributor of olefins, principally propylene, as well as other commodity and specialty chemicals. The Company's principal products are used in the production of adhesives, coatings, forest product resins, paints, personal care, pharmaceuticals, plastics, solvents, synthetic rubbers and food processing.

This release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include: the cyclical nature of the worldwide chemical market; the possibility of excess capacity; fluctuations in economic uncertainties associated with international operations; fluctuations of foreign exchange; the risks associated with potential acquisitions; and the ability to implement other features of the Company" business strategy.