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                                                                    EXHIBIT 99-2

                                                             CONTACT: Sam Duggan
                                                    Director, Investor Relations
                                                                  (314) 279-5920

                                                   Michele Katz/Connie Bienfait/
                                                                  Elric Martinez
                                                         Morgen-Walke Associates
                                                                Press: Lee Foley
                                                                  (212) 850-5600


            MEMC RECEIVES AN ADDITIONAL $100 MILLION CREDIT FACILITY
                    AND EXTENDS OUTSTANDING DEBT WITH VEBA AG


St. Peters, MO, October 1, 1998 -- MEMC Electronic  Materials,  Inc. (NYSE: WFR)
today  announced  that the Company has received an  additional  three-year  $100
million credit  facility from VEBA AG. In addition,  all  outstanding  debt with
VEBA AG and its affiliates maturing prior to January 1, 2001 will be extended to
2001.

As part of this  agreement,  MEMC has agreed to increases in the interest  rates
payable on the Company's outstanding debt with VEBA AG and its affiliates. These
higher rates,  which are in part  attributable to extended terms, will result in
an increase in interest expense of approximately $15 million per year based upon
$680 million of debt outstanding with VEBA AG and its affiliates as of September
30, 1998.  Additionally,  all  outstanding  debt with VEBA AG and its affiliates
maturing  between today and 2001 will be extended at maturity and repriced based
upon  then-current  interest  rates.  MEMC intends to use the additional  credit
facilities for general corporate purposes.

MEMC is 53.0% owned by VEBA AG through  its U.S.  subsidiary  VEBA  Corporation.
VEBA AG is headquartered in Dusseldorf, Germany and is a leader in the fields of
electricity,  chemicals,  oil, distribution,  logistics, real estate management,
silicon wafers and  telecommunications.  With approximately $46 billion in sales
and  450,000  shareholders  worldwide,  VEBA  AG is  one  of  Germany's  largest
industrial  companies  according  to market  capitalization  and one of Europe's
largest publicly held companies.

MEMC is the second largest  producer of silicon wafers in the world. The silicon
wafer is the fundamental  building block of semiconductors,  which, in turn, are
found in every type of microelectronics application, including computer systems,
telecommunications  equipment,   automobiles,   consumer  electronics  products,
industrial  automation and control systems,  and analytical and defense systems.
Headquartered in St. Peters, MO, MEMC operates manufacturing facilities directly
or through joint ventures in Italy, Japan, Malaysia, South Korea, Taiwan and the
United States. To learn more about MEMC visit its web site at www.memc.com

The matter  discussed  in this news  release  regarding  an increase in interest
expense on existing debt  outstanding  is a  forward-looking  statement.  Such a
statement  involves  certain  risks and  uncertainties  that could cause  actual
results  to  differ  materially  from  those in the  forward-looking  statement.
Potential  risks and  uncertainties  include such factors as changes in interest
rates  which will  affect the  interest  rates  payable by the Company and other
risks  described  in the  Company's  filings  with the  Securities  and Exchange
Commission,  including  the report on Form 10-K for the year ended  December 31,
1997. This forward-looking statement represents the Company's judgment as of the
date of this release.  The Company disclaims,  however, any intent or obligation
to update this forward-looking statement.


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