Allegheny Teledyne Announces Agreement to Sell Teledyne Fluid Systems Nitrogen Products Business Unit.

PITTSBURGH--(BUSINESS WIRE)--July 28, 1999--

Allegheny Teledyne Incorporated (NYSE:ALT) today announced that it has reached agreement to sell the Nitrogen Products business of its Teledyne Fluid Systems unit to Barnes Group Inc. Terms of the agreement were not disclosed.

The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to be completed in the third quarter of 1999.

Lincoln Partners LLC was the financial advisor to Allegheny Teledyne in the transaction.

Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http:\\www.alleghenyteledyne.com.