NCH (NCH) SC TO-T/A Third party tender offer statement (amended)

Exhibit (c)(ix)

July
Projections

Project Ranger
Base Case
Historical and Projected Balance Sheet

Base Case
(FYE April 30; $ in millions)

										Projected FYE 4/30
		Actual		Adjustments				Closing
ASSETS		7/31/01		-		+		7/31/01		2002		2003		2004		2005		2006
Current Assets:
Cash & Marketable Securities		$	74.3	$	0.0	$	0.0	$	74.3	$	94.6	$	115.4	$	139.4	$	166.9	$	197.8
Accounts Receivable			120.2		0.0		0.0		120.2		118.0		119.5		121.0		122.5		124.0
Inventories			84.6		0.0		0.0		84.6		84.0		85.5		87.0		88.5		90.0
Prepaid Expenses			7.5		0.0		0.0		7.5		6.4		6.4		6.4		6.4		6.4
Deferred Income Taxes			12.7		0.0		0.0		12.7		12.8		12.8		12.8		12.8		12.8
Total Current Assets			299.3						299.3		315.8		339.6		366.6		397.1		430.9
Noncurrent Assets:
Net PPE			62.3		0.0		0.0		62.3		61.4		59.9		58.6		57.3		56.0
Deferred Income Tax Benefit			35.5		0.0		0.0		35.5		35.5		35.5		35.5		35.5		35.5
Other Assets			16.6		0.0		0.0		16.6		16.6		16.6		16.6		16.6		16.6
Total Noncurrent Assets			114.3						114.3		113.4		111.9		110.6		109.4		108.0
	TOTAL ASSETS	$	413.6	$	0.0	$	0.0	$	413.6	$	429.2	$	451.5	$	477.2	$	506.4	$	539.0

											Projected FYE 4/30
	Actual			Adjustments				Closing
LIABILITIES & EQUITY	7/31/01			-		+		7/31/01			2002			2003			2004			2005			2006
Current Liabilities:
Accounts Payable	$	37.7		$	0.0	$	0.0	$	37.7		$	38.6		$	38.6		$	38.6		$	38.6		$	38.6
Accrued Expenses		24.2			0.0		0.0		24.2			24.8			24.8			24.8			24.8			24.8
Income Taxes Payable		8.6			0.0		0.0		8.6			11.1			11.1			11.1			11.1			11.1
Dividends Payable		1.9			0.0		0.0		1.9			1.9			1.9			1.9			1.9			1.9
Total Current Liabilities		72.4							72.4			76.4			76.4			76.4			76.4			76.4
Long-term Debt:
Notes payable to banks		1.1			0.0		0.0		1.1			0.0			0.0			0.0			0.0			0.0
Retirement & Deferred Compensation		114.6			0.0		0.0		114.6			114.6			114.6			114.6			114.6			114.6
Total Long-term Debt		115.7							115.7			114.6			114.6			114.6			114.6			114.6
TOTAL LIABILITIES		188.1							188.1			191.0			191.0			191.0			191.0			191.0
Net Worth:
Equity — Common		24.6			0.0		0.0		24.6			24.6			24.6			24.6			24.6			24.6
Retained Earnings		526.7			0.0		0.0		526.7			539.4			561.6			587.4			616.6			649.1
Accumulated other comprehensive loss		(51.3	)		0.0		0.0		(51.3	)		(51.3	)		(51.3	)		(51.3	)		(51.3	)		(51.3	)
Treasury Stock		(274.4	)		0.0		0.0		(274.4	)		(274.4	)		(274.4	)		(274.4	)		(274.4	)		(274.4	)
Total Net Worth		225.5							225.5			238.2			260.5			286.2			315.4			347.9
TOTAL LIABILITIES & EQUITY	$	413.6		$	0.0	$	0.0	$	413.6		$	429.2		$	451.5		$	477.2		$	506.4		$	539.0

Project Ranger
Base Case
Projected Income Statement

Base Case
(FYE April 30; $ in millions)

		Projected FYE 4/30
		2002		2003		2004		2005		2006
Net Sales		$	642.1	$	647.2	$	669.6	$	697.4	$	727.2
Cost of Sales			246.1		252.3		263.2		274.6		286.8
Gross Margin (Profit)			396.1		394.9		406.4		422.8		440.4
Marketing and Administrative Expense			350.1		344.5		351.5		363.3		376.8
EBITDA			46.0		50.4		54.9		59.4		63.7
Depreciation & Amortization			14.0		14.1		14.2		14.8		15.4
Operating Income			31.9		36.3		40.7		44.7		48.3
Interest & other income			4.9		6.3		7.6		9.2		10.9
Interest Expense:
	Notes payable to banks		1.1		0.0		0.0		0.0		0.0
Total Interest Expense			1.1		0.0		0.0		0.0		0.0
Net Income from Cont. Ops. before Taxes			35.7		42.6		48.3		53.9		59.2
Provision for Income Taxes			13.6		16.2		18.4		20.5		22.5
Net Income from continuing ops.		$	22.1	$	26.4	$	30.0	$	33.4	$	36.7

Project Ranger
Base Case
Projected Cash Flows Summary

Base Case
(FYE April 30; $ in millions)

	Projected FYE 4/30
	2002			2003			2004			2005			2006
Net Income from continuing ops.	$	22.1		$	26.4		$	30.0		$	33.4		$	36.7
Non-Cash Adjustments:
Depreciation & Amortization		14.0			14.1			14.2			14.8			15.4
Provision for Losses on Accounts Receivable		0.9			0.0			0.0			0.0			0.0
Deferred income taxes		0.5			0.0			0.0			0.0			0.0
Retirement and Deferred Compensation Plans		0.2			0.0			0.0			0.0			0.0
Other Non-cash Items		(0.3	)		0.0			0.0			0.0			0.0
Funds from Operations		37.4			40.5			44.1			48.2			52.1
Working Capital Source (Use):
Accounts Receivable		($4.6	)		($1.5	)		($1.5	)		($1.5	)		($1.5	)
Inventories		(2.2	)		(1.5	)		(1.5	)		(1.5	)		(1.5	)
Prepaid Expenses		(0.1	)		0.0			0.0			0.0			0.0
Deferred Income Taxes		(0.4	)		0.0			0.0			0.0			0.0
Accounts Payable		(2.0	)		0.0			0.0			0.0			0.0
Accrued Expenses		0.6			0.0			0.0			0.0			0.0
Income Taxes Payable		2.5			0.0			0.0			0.0			0.0
(Increase) in Net Working Capital		(6.2	)		(3.0	)		(3.0	)		(3.0	)		(3.0	)
Cash flow from Discontinued Operations		2.7			0.0			0.0			0.0			0.0
Cash from Operations		34.0			37.5			41.1			45.2			49.1
Sales of property, plant and equipment		(0.0	)		0.0			0.0			0.0			0.0
Capital Expenditures		12.2			12.6			12.9			13.5			14.0
Other		1.0			0.0			0.0			0.0			0.0
Dividends paid		4.2			4.2			4.2			4.2			4.2
Acquisitions		0.4			0.0			0.0			0.0			0.0
Proceeds from financings		(2.9	)		0.0			0.0			0.0			0.0
Net effect of translation on cash		0.7			0.0			0.0			0.0			0.0
Cash Available for Debt Repayment	$	18.3		$	20.8		$	24.0		$	27.5		$	30.9

Project Ranger

Chemical — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			4/30/01			2002			2003			2004			2005			2006
Sales	$	161.6		$	164.8		$	166.8		$	169.5		$	166.1		$	166.1		$	171.7		$	177.9		$	185.0
Cost of Sales		46.8			47.8			48.9			49.7			48.7			48.7			50.3			52.2			54.2
Gross Profit		114.8			117.0			117.9			119.8			117.4			117.4			121.4			125.7			130.8
Marketing & Administrative Expense		102.1			102.5			103.5			103.2			103.3			101.5			104.6			107.1			111.4
Operating Income	$	12.7		$	14.5		$	14.4		$	16.6		$	14.1		$	15.9		$	16.8		$	18.6		$	19.4
Revenue Growth					2.0	%		1.2	%		1.6	%		(2.0	%)		0.0	%		3.4	%		3.6	%		4.0	%
Cost of Sales % of Revenue		28.9	%		29.0	%		29.3	%		29.3	%		29.3	%		29.3	%		29.3	%		29.3	%		29.3	%
Gross Margin		71.1	%		71.0	%		70.7	%		70.7	%		70.7	%		70.7	%		70.7	%		70.7	%		70.7	%
Marketing Expense % of Revenue		63.2	%		62.2	%		62.0	%		60.9	%		62.2	%		61.1	%		60.9	%		60.2	%		60.2	%
Operating Income % of Revenue		7.9	%		8.8	%		8.6	%		9.8	%		8.5	%		9.6	%		9.8	%		10.5	%		10.5	%

Project Ranger

Plumbmaster — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			4/30/01			2002			2003			2004			2005			2006
Sales	$	99.6		$	115.7		$	118.5		$	111.4		$	116.2		$	121.6		$	127.6		$	133.5		$	139.7
Cost of Sales		60.7			72.0			71.3			67.0			69.9			73.1			76.7			80.3			84.0
Gross Profit		38.8			43.7			47.2			44.4			46.3			48.4			50.8			53.2			55.6
Marketing & Administrative Expense		36.2			38.4			37.0			36.6			39.4			40.0			40.7			42.6			44.5
Operating Income	$	2.6		$	5.4		$	10.2		$	7.8		$	6.9		$	8.4		$	10.2		$	10.6		$	11.1
Revenue Growth					16.2	%		2.4	%		(6.0	%)		4.3	%		4.6	%		4.9	%		4.6	%		4.6	%
Cost of Sales % of Revenue		61.0	%		62.2	%		60.2	%		60.2	%		60.2	%		60.2	%		60.2	%		60.2	%		60.2	%
Gross Margin		39.0	%		37.8	%		39.8	%		39.8	%		39.8	%		39.8	%		39.8	%		39.8	%		39.8	%
Marketing Expense % of Revenue		36.4	%		33.2	%		31.2	%		32.8	%		33.9	%		32.9	%		31.9	%		31.9	%		31.9	%
Operating Income % of Revenue		2.6	%		4.6	%		8.6	%		7.0	%		5.9	%		6.9	%		8.0	%		8.0	%		8.0	%

Project Ranger

Partsmaster — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			4/30/01			2002			2003			2004			2005			2006
Sales	$	35.5		$	39.5		$	44.0		$	43.6		$	44.9		$	46.3		$	47.6		$	49.1		$	50.5
Cost of Sales		10.9			13.0			14.6			14.5			14.9			15.4			15.8			16.3			16.8
Gross Profit		24.7			26.5			29.4			29.1			30.0			30.9			31.8			32.8			33.7
Marketing & Administrative Expense		19.1			20.8			22.1			24.2			25.5			26.3			27.0			27.9			28.6
Operating Income	$	5.6		$	5.7		$	7.3		$	4.9		$	4.5		$	4.6		$	4.8		$	4.9		$	5.1
Revenue Growth					11.2	%		11.2	%		(0.9	%)		3.0	%		3.1	%		2.8	%		3.2	%		2.9	%
Cost of Sales % of Revenue		30.6	%		32.9	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%
Gross Margin		69.4	%		67.1	%		66.8	%		66.8	%		66.8	%		66.8	%		66.8	%		66.8	%		66.8	%
Marketing Expense % of Revenue		53.7	%		52.5	%		50.2	%		55.6	%		56.8	%		56.9	%		56.7	%		56.8	%		56.7	%
Operating Income % of Revenue		15.7	%		14.5	%		16.6	%		11.2	%		10.0	%		9.9	%		10.1	%		10.0	%		10.1	%

Project Ranger

Landmark — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			4/30/01			2002			2003			2004			2005			2006
Sales	$	20.8		$	28.3		$	35.1		$	41.9		$	44.4		$	47.3		$	50.6		$	54.2		$	57.9
Cost of Sales		11.5			15.9			22.1			26.4			28.0			29.8			31.9			34.1			36.5
Gross Profit		9.3			12.4			13.0			15.5			16.4			17.5			18.7			20.1			21.4
Marketing & Administrative Expense		9.8			10.4			11.8			15.3			16.4			16.3			16.2			17.4			18.5
Operating Income		($0.5	)	$	2.0		$	1.2		$	0.2		$	0.0		$	1.2		$	2.5		$	2.7		$	2.9
Revenue Growth					36.0	%		24.0	%		19.4	%		6.0	%		6.5	%		7.0	%		7.1	%		6.8	%
Cost of Sales % of Revenue		55.4	%		56.2	%		63.0	%		63.0	%		63.0	%		63.0	%		63.0	%		63.0	%		63.0	%
Gross Margin		44.6	%		43.8	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%
Marketing Expense % of Revenue		47.1	%		36.8	%		33.6	%		36.5	%		37.0	%		34.5	%		32.1	%		32.0	%		32.0	%
Operating Income % of Revenue		(2.5	%)		7.0	%		3.4	%		0.5	%		0.0	%		2.5	%		4.9	%		5.0	%		5.0	%

Project Ranger

RPG — Domestic
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			4/30/01			2002			2003			2004			2005			2006
Sales	$	14.2		$	15.5		$	22.5		$	26.2		$	30.0		$	33.0		$	36.3		$	39.9		$	43.9
Cost of Sales		9.1			9.7			14.0			16.3			18.6			20.5			22.6			24.8			27.3
Gross Profit		5.1			5.7			8.5			9.9			11.4			12.5			13.7			15.1			16.6
Marketing & Administrative Expense		3.5			4.2			5.0			5.8			6.7			7.4			8.0			8.9			9.7
Operating Income	$	1.6		$	1.6		$	3.6		$	4.1		$	4.7		$	5.1		$	5.7		$	6.2		$	6.9
Revenue Growth					8.9	%		45.3	%		16.4	%		14.5	%		10.0	%		10.0	%		9.9	%		10.0	%
Cost of Sales % of Revenue		64.2	%		62.9	%		62.2	%		62.2	%		62.2	%		62.2	%		62.2	%		62.2	%		62.2	%
Gross Margin		35.8	%		37.1	%		37.8	%		37.8	%		37.8	%		37.8	%		37.8	%		37.8	%		37.8	%
Marketing Expense % of Revenue		24.6	%		26.9	%		22.0	%		22.2	%		22.2	%		22.4	%		22.1	%		22.3	%		22.1	%
Operating Income % of Revenue		11.2	%		10.2	%		15.8	%		15.6	%		15.7	%		15.5	%		15.7	%		15.5	%		15.7	%

Project Ranger

Western Europe
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			2/28/01			2002			2003			2004			2005			2006
Sales	$	216.7		$	218.9		$	199.7		$	163.9		$	148.4		$	139.5		$	139.5		$	143.7		$	148.0
Cost of Sales		40.4			42.2			38.8			31.9			28.8			27.1			27.1			27.9			28.8
Gross Profit		176.3			176.7			160.9			132.0			119.6			112.4			112.4			115.8			119.2
Marketing & Administrative Expense		142.5			147.6			133.3			108.0			100.3			92.9			92.9			95.7			98.5
Operating Income	$	33.8		$	29.1		$	27.5		$	24.0		$	19.3		$	19.5		$	19.5		$	20.1		$	20.7
Revenue Growth					1.0	%		(8.8	%)		(17.9	%)		(9.5	%)		(6.0	%)		0.0	%		3.0	%		3.0	%
Cost of Sales % of Revenue		18.6	%		19.3	%		19.4	%		19.4	%		19.4	%		19.4	%		19.4	%		19.4	%		19.4	%
Gross Margin		81.4	%		80.7	%		80.6	%		80.6	%		80.6	%		80.6	%		80.6	%		80.6	%		80.6	%
Marketing Expense % of Revenue		65.7	%		67.4	%		66.8	%		65.9	%		67.6	%		66.6	%		66.6	%		66.6	%		66.6	%
Operating Income % of Revenue		15.6	%		13.3	%		13.8	%		14.6	%		13.0	%		14.0	%		14.0	%		14.0	%		14.0	%

Project Ranger

Eastern Europe
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			2/28/01			2002			2003			2004			2005			2006
Sales	$	28.1		$	31.5		$	27.3		$	28.0		$	27.3		$	27.6		$	28.4		$	29.3		$	30.1
Cost of Sales		5.8			7.2			6.3			6.4			6.3			6.3			6.5			6.7			6.9
Gross Profit		22.3			24.3			21.0			21.6			21.0			21.2			21.9			22.5			23.2
Marketing & Administrative Expense		13.4			15.1			13.7			15.3			14.9			15.7			16.5			17.2			17.8
Operating Income	$	8.9		$	9.3		$	7.3		$	6.3		$	6.1		$	5.5		$	5.4		$	5.3		$	5.4
Revenue Growth					12.4	%		(13.5	%)		2.6	%		(2.5	%)		1.0	%		3.0	%		3.0	%		3.0	%
Cost of Sales % of Revenue		20.6	%		22.9	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%		23.0	%
Gross Margin		79.4	%		77.1	%		77.0	%		77.0	%		77.0	%		77.0	%		77.0	%		77.0	%		77.0	%
Marketing Expense % of Revenue		47.7	%		47.8	%		50.2	%		54.5	%		54.6	%		57.0	%		58.0	%		58.9	%		59.1	%
Operating Income % of Revenue		31.7	%		29.3	%		26.8	%		22.5	%		22.3	%		19.9	%		19.0	%		19.0	%		19.0	%

Project Ranger

Latin America
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			2/28/01			2002			2003			2004			2005			2006
Sales	$	39.4		$	36.8		$	33.4		$	36.2		$	37.3		$	38.4		$	39.6		$	40.7		$	42.0
Cost of Sales		9.8			9.5			8.4			9.1			9.4			9.6			9.9			10.2			10.5
Gross Profit		29.6			27.2			25.0			27.1			27.9			28.8			29.6			30.5			31.4
Marketing & Administrative Expense		25.4			24.9			22.4			24.4			25.3			26.1			26.8			27.5			28.3
Operating Income	$	4.2		$	2.3		$	2.6		$	2.7		$	2.6		$	2.7		$	2.8		$	3.0		$	3.1
Revenue Growth					(6.6	%)		(9.2	%)		8.5	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
Cost of Sales % of Revenue		24.8	%		25.9	%		25.1	%		25.1	%		25.1	%		25.1	%		25.1	%		25.1	%		25.1	%
Gross Margin		75.2	%		74.1	%		74.9	%		74.9	%		74.9	%		74.9	%		74.9	%		74.9	%		74.9	%
Marketing Expense % of Revenue		64.5	%		67.8	%		67.2	%		67.5	%		67.9	%		67.9	%		67.8	%		67.5	%		67.5	%
Operating Income % of Revenue		10.7	%		6.3	%		7.7	%		7.5	%		7.0	%		7.0	%		7.1	%		7.4	%		7.4	%

Project Ranger

Asia
Historical and Projected Income Statement

(FYE April 30; $ in millions)

										12 months
	Historical									ended			Projected
	1998			1999			2000			2/28/01			2002			2003			2004			2005			2006
Sales	$	29.6		$	23.5		$	27.0		$	28.9		$	27.5		$	27.5		$	28.3		$	29.1		$	30.0
Cost of Sales		6.7			5.7			6.5			6.9			6.6			6.6			6.8			7.0			7.2
Gross Profit		22.8			17.8			20.5			22.0			20.9			20.9			21.5			22.2			22.8
Marketing & Administrative Expense		22.0			17.8			16.4			19.0			18.3			18.3			18.8			19.1			19.3
Operating Income	$	0.8			($0.0	)	$	4.1		$	3.0		$	2.6		$	2.6		$	2.7		$	3.1		$	3.5
Revenue Growth					(20.6	%)		14.9	%		7.1	%		(5.0	%)		0.0	%		3.0	%		3.0	%		3.0	%
Cost of Sales % of Revenue		22.8	%		24.2	%		23.9	%		23.9	%		23.9	%		23.9	%		23.9	%		23.9	%		23.9	%
Gross Margin		77.2	%		75.8	%		76.1	%		76.1	%		76.1	%		76.1	%		76.1	%		76.1	%		76.1	%
Marketing Expense % of Revenue		74.4	%		75.9	%		60.8	%		65.7	%		66.6	%		66.6	%		66.5	%		65.5	%		64.4	%
Operating Income % of Revenue		2.8	%		(0.0	%)		15.3	%		10.4	%		9.5	%		9.5	%		9.5	%		10.6	%		11.7	%