EXHIBIT (d)(7)
CHEMFAB CORPORATION NORTON COMPANY
701 Daniel Webster Highway One New Bond Street
Merrimack, New Hampshire 03054 Worcester, Massachusetts 01615
Contact: Larry Richard Contact: William Seiberlich
Phone: 603-424-9000 Phone: 610-341-7187
FOR IMMEDIATE RELEASE:
NORTON COMPANY COMPLETES TENDER OFFER
FOR CHEMFAB CORPORATION
Valley Forge, PA, August 30, 2000 -- Norton Company, an indirect wholly owned
subsidiary of Compagnie de Saint-Gobain (Paris) today announced the successful
completion of its tender offer, made through an indirect wholly owned
subsidiary, PPLC Acquisition Corp., for all of the outstanding shares of common
stock of Chemfab Corporation (NYSE: CFA) at $18.25 per share, net to the seller
in cash. The offer expired, as scheduled, at 12:00 midnight (EDT) on Tuesday,
August 29, 2000.
As of the expiration of the offer, based on preliminary information from the
depositary for the offer, approximately 93 percent of the outstanding shares of
Chemfab Corporation common stock had been tendered, including shares tendered
pursuant to a guarantee of delivery. Norton has accepted for payment all validly
tendered shares and expects to make payment for the accepted shares on
September 5, 2000.
Norton and Chemfab Corporation will now proceed to complete a merger pursuant
to which PPLC will merge with and into Chemfab and Chemfab will become an
indirect wholly owned subsidiary of Norton Company. Pursuant to the merger,
each share of Chemfab common stock that was not tendered in the offer will be
converted into the right to receive $18.25 in cash, without interest, subject
to appraisal rights. The merger is expected to be completed promptly upon the
completion of corporate formalities.
Norton Company is an indirect wholly owned subsidiary of Compagnie de
Saint-Gobain. A worldwide manufacturer serving a broad range of industries,
Norton is a leading manufacturer of abrasives, and produces technologically
advanced ceramics, plastics and chemical process products. Norton's subsidiary,
Saint-Gobain Performance Plastics Corporation, processes high-performance
plastics and elastomers into flexible foams, bearings, tubing and fluid
handling systems, films, sealants and pressure-sensitive tapes.
Saint-Gobain, one of the top 100 industrial companies in the world, is a
leading producer of flat glass, glass containers, insulation, reinforcements,
building materials, abrasives, ceramics, high-performance plastic products, and
piping. The company=s 1999 sales totaled approximately $25 billion.
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Chemfab is an international manufacturer and marketer of engineered products
based on its expertise and technology in flexible polymeric composite
materials. Worldwide end-use applications for Chemfab's products are
architectural, aerospace, communications, electrical, environmental, food
processing, laboratory testing, packaging, protective systems, consumer
bakeware applications, other industrial businesses, medical electronics,
personal care, healthcare and specialty apparel businesses.
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