GENERAL SIGNAL COMPLETES ACQUISITION OF MAGNETEK ELECTRIC.

STAMFORD, Conn.--(BUSINESS WIRE)--July 27,1995--General Signal Corporation (GSX:NYSE) announced today that it has completed its acquisition of MagneTek Electric, Inc., the medium-power transformer business of MagneTek, Inc. (MAG:NYSE).

General Signal intends to combine MagneTek Electric with its Hevi-Duty medium-power transformer business (to be called Waukesha Electric Systems, Inc.). According to Edmund M. Carpenter, chairman and chief executive officer of General Signal, "The combination will give General Signal a strong position in the medium-power transformer segment, make it feasible to penetrate international markets, and capitalize on increasing demand within the electric utility industry. In addition, significant cost savings and sales synergies will be realized from the integration of these two businesses." Estimated sales of the combined power transformer business will be approximately $130 million. The transaction is part of an ongoing effort to augment the competitive position and growth of General Signal's operations. The company has made 25 such "bolt-on" acquisitions in the past six years.

General Signal Corporation, with 1995 estimated sales of $1.89 billion, is a leading equipment manufacturer for the process controls, electrical, and industrial technology industries.

CONTACT: Nino Fernandez, General Signal, [phone].