PRESS RELEASE

Detrex Corporation Reports a Profit for the Second Quarter 2002

Southfield, Michigan – July 30, 2002 - Detrex Corporation (NASDAQ: DTRX), a diversified manufacturer of chemicals and allied products for manufacturing and construction industries, today announced that the profitable performance in the first quarter continued into the second quarter 2002.

Net sales from continuing operations of $16,650,167 for the quarter ended June 30, 2002 represented an increase of 9.1%, compared to the second quarter of 2001. Volume improvements were made in both of the company’s subsidiaries due to a modest recovery in business conditions. The higher volume in combination with royalty income of $327,838 resulted in improved earnings for the period. For the second quarter of 2002 the company generated income from continuing operations before taxes of $621,057 compared to $172,717 in the prior year. Net income for the second quarter of 2002 was $372,608 or $0.24 per share compared to the net loss, including the discontinued Parts Cleaning Technologies (PCT) segment, of $537,699 or $0.34 per share reported in the second quarter of 2001. During the second quarter of 2002, operating losses for PCT totalling approximately $260,000 pretax were charged to the reserve for exit costs.

For the first six months of 2002 sales of $31.3M were approximately the same as sales for the first half of 2001. First half 2002 income from continuing operations before income taxes of $925,591 included royalty income of $496,702. The royalty agreement expires on December 31, 2002 with payment of these royalties due in February 2003. No such royalty was recorded in the same period of 2001 where income from continuing operations before income taxes totalled $252,212. Net income for the first half of 2002 was $555,285 or $0.35 per share compared with a net loss for the first six months of 2001, including the discontinued PCT segment, of $785,913 or $0.50 per share. During the first half of 2002, operating losses for PCT totalling approximately $620,000 pretax were charged to the reserve for exit costs.

Significant progress was made in the exit from PCT during the first half of the year. The Equipment business was sold in January and business operations of several of the branches in the Solvent business were sold at the end of May. Business activity in the remaining branches has ceased and we are in the process of closing these operations in accordance with regulatory requirements. We are performing investigation and remediation of environmental conditions at a number of the PCT sites as well as regulatory closure of permits. As these actions are completed, we will dispose of real estate to generate cash.

Commenting on the current situation, President and CEO Tom Mark said, “We are pleased to report the improvement in profitability which confirms that the steps we have taken are beginning to yield results. This development is especially gratifying in light of the weakness in market conditions. We are cautious, however, about the outlook for the next quarter because this is typically a period of low activity which is further compounded by our concerns about rapidly escalating raw material costs and economic uncertainties.”

Many of the statements included in this Press Release that do not relate to present or historical conditions are “forward-looking statements” within the meaning of the private securities litigation reform act of 1995 (the “1995 reform act”). Additional oral or written forward-looking statements may be made by or on behalf of the company from time to time and such statements may be included in documents other than this Press Release. Such forward-looking statements involve a number of known and unknown risks and uncertainties. While these statements represent the company’s current judgment with respect to its business, such risks and uncertainties could cause actual results, performance and achievements, or industry results, to differ materially from those suggested herein. The company undertakes no obligation to release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements in this Press Release and elsewhere may include, without limitation, statements relating to the company’s plans, strategies, objectives, expectations, intentions and adequacy of resources. All forward-looking statements in this Press Release and elsewhere are intended to be made pursuant to the safe harbor provisions of the 1995 reform act. Factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, cooperation of lenders, environmental remediation costs, liquidation value of assets, costs to exit leased facilities, cost and availability of environmental liability insurance, marketability of real estate, availability of buyers, execution of projects in backlog, and retention of key personnel and other factors.

Summary Income Statement & Balance Sheet

Read Our Second Quarter Report, 2002

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