Allegheny Teledyne Completes Sale of Teledyne Specialty Equipment Material Handling Business.

PITTSBURGH--(BUSINESS WIRE)--Nov. 4, 1999--

Allegheny Teledyne Incorporated (NYSE:ALT) today announced that it has completed the sale of Teledyne Specialty Equipment's Material Handling business to Terex Corporation (NYSE:TEX). Terms of the transaction were not disclosed.

The sale of the Material Handling business completes the asset sales that were identified as part of Allegheny Teledyne's transformation initiatives announced in January of 1999. As part of these initiatives, during 1999 Allegheny Teledyne sold Teledyne Ryan Aeronautical, Teledyne McCormick Selph, Teledyne Fluid Systems, Teledyne Specialty Equipment, the drinkware business of Water Pik, and three other smaller businesses. Allegheny Teledyne has realized gross proceeds of more than $375 million from these asset sales.

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.