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BUFFTON CORPORATION ANNOUNCES PROPOSED ACQUISITION

 FORT WORTH, Texas, March 22 /PRNewswire/ -- Robert H. McLean, chairman of the board and president of Buffton Corporation (AMEX: BFX), announced today that the company is filing a Plan of Reorganization ("Plan") in an effort to acquire LCP National Plastics, Inc. ("LCP") which is presently the debtor in a Chapter 11 bankruptcy case pending in Newark, N.J. The Plan is subject to the approval of the creditors of LCP and Buffton's board of directors.
 In making the announcement, McLean stated, "LCP is a company engaged in the manufacture of polyvinyl chloride (PVC) pipe, with an annual production capacity in excess of 110 million pounds and annual sales in excess of $42 million. Its manufacturing facilities are located in Vestal, N.Y. and Greensboro, N.C. The manufacturing facility in Vestal, N.Y. was sold by Buffton to LCP on March 7, 1991, in connection with the company's pay down of its credit facility with the The First National Bank of Boston."
 McLean continued, "The PVC pipe industry is one in which Buffton has experienced considerable success. In certain areas of the United States, sewer and water systems are in significant need of repair and replacement. We see growth in these markets in the coming years in light of demand for the products and the current administration's commitment to federal funding in these areas. In addition, this acquisition offers an opportunity to resolve expensive and unproductive outstanding litigation we have been engaged in since we sold the Vestal facility to LCP."
 McLean continued, "Under the Plan as it is now proposed, Buffton would purchase the outstanding stock of LCP for $100,000.00 and a two year commitment to purchase $400,000.00 in additional stock. In addition, Buffton would issue to the creditors 750,000 warrants for its common stock which would be exercisable at $1.00 per share for seven years. Sanwa Business Credit, the primary lender to LCP, and the LCP trade creditors will be asked to discount their debt."
 McLean concluded, "If Buffton's Plan receives the support of LCP's creditors, it is anticipated that the acquisition could be consummated in the next 120 days."
 Buffton Corporation is a diversified group of companies engaged in the manufacture of electronic and plastic products.
 -0- 3/22/93
 /CONTACT: Robert Korman, vice president and CFO of Buffton Corporation, 817-332-4761/
 (BFX)


CO: Buffton Corporation; LCP National Plastics, Inc. ST: Texas, New York IN: SU: TNM

TM -- NY098 -- 8408 03/22/93 17:39 EST
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Publication:PR Newswire
Date:Mar 22, 1993
Words:414
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