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<TYPE>EX-99.1
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<FILENAME>y91173exv99w1.txt
<DESCRIPTION>PRESS RELEASE
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                                                                    EXHIBIT 99.1



October 31, 2003

Phibro Animal Health Corporation Announces Issuance of Senior Secured Notes

FORT LEE, N.J.--(BUSINESS WIRE)--Oct. 31, 2003--Phibro Animal Health
Corporation (the "Company"), formerly Philipp Brothers Chemicals, Inc.,
announced today the successful completion on October 21, 2003 of a private
offering of $105 million 13% senior secured notes due 2007. Proceeds from the
offering were used to:

-- Satisfy current outstanding and future contingent obligations to Pfizer,
Inc. related to the Company's acquisition of the medicated feed additives
business; and,

-- Repurchase approximately $52 million aggregate principal amount of the
Company's outstanding 9 7/8% senior subordinated notes due 2008; and,

-- Repay its domestic senior working capital credit facility and replace it
with a new domestic senior working capital credit facility.

The Company's CEO, Gerald K. Carlson, commented, "This very important financing
is the most recent in a series of actions to strengthen and focus the Company.
We have made significant accomplishments during the past year." These include:

-- Operating income of $25 million for the year ended June 30, 2003, an
increase of $15 million from the prior year.

-- An emphasis on cash management, generating over $30 million in cash from
operating and investing activities.

-- The strengthening of the organization including a new CFO, and new
Presidents for its Phibro Animal Health and Specialty Chemicals businesses.

-- The divestiture of its MRT, Carbide and eastern U.S. etchant businesses, and
the shutdown of its Norwegian Odda business.

-- The July, 2003 corporate name change to Phibro Animal Health Corporation
reflecting the Company's concentrated focus on the animal health and nutrition
markets.

Company Description

The Company is a leading diversified global manufacturer and marketer of a
broad range of animal health and nutrition products, specifically medicated
feed additives ("MFAs") and nutritional feed additives, which the Company sells
throughout the world predominantly to the poultry, swine and cattle markets.
MFAs are used preventively and therapeutically in animal feed to produce
healthy poultry and livestock. The Company is also a specialty chemicals
manufacturer and marketer, serving numerous markets.




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Forward-Looking Statements

This news release contains statements that, to the extent that they are not
recitations of historical fact, constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, Section
21E of the Securities Exchange Act of 1934. Such forward-looking information
involves risks and uncertainties that could cause actual results to differ
materially from those expressed in any such forward-looking statements. These
risks and uncertainties include, but are not limited to, the Company's
substantial leverage and potential inability to service its debt; the Company's
dependence on distributions from its subsidiaries; risks associated with the
Company's international operations and significant foreign assets; the
Company's dependence on its Israeli operations; competition in each of the
Company's markets; potential environmental liability; potential legislation
affecting the use of medicated feed additives; extensive regulation by numerous
government authorities in the United States and other countries; the Company's
reliance on the continued operation and sufficiency of our manufacturing
facilities; the Company's reliance upon unpatented trade secrets; the risks of
legal proceedings and general litigation expenses; potential operating hazards
and uninsured risks; the risk of work stoppages; the Company's dependence on
key personnel; and other factors discussed in the Company's filings with the
U.S. Securities and Exchange Commission.

Contacts


Phibro Animal Health Corporation
Richard G. Johnson, 201-944-6020








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