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GRUMMAN CALLS $.80 CONVERTIBLE PREFERRED STOCK FOR REDEMPTION

 GRUMMAN CALLS $.80 CONVERTIBLE PREFERRED STOCK FOR REDEMPTION
 BETHPAGE, N.Y., Oct. 23 /PRNewswire/ -- Grumman Corporation (NYSE: GQ) announced today that it will retire all outstanding shares of its $.80 convertible preferred stock. The redemption is effective Nov. 30, 1992, at the price of $14.43 per share, plus accrued dividends.
 Shareholders will have the opportunity to convert their shares at any time prior to Nov. 25, 1992, at the rate of 2.2 shares of common stock for each share of $.80 convertible preferred, with fractional shares paid in cash.
 There were 5,556 shares outstanding as of Oct. 22, 1992.
 Holders of shares will be mailed written notice and instructions for redemption and/or conversion on Oct. 23, 1992. The Bank of New York is redemption and conversion agent.
 Grumman Corporation is best known as a leading international aircraft and aerospace company. Other businesses range from sophisticated integrated information and electronics systems to U.S. Postal Service delivery trucks. Headquartered in Bethpage, Grumman employs 21,000 people. Revenues were $4 billion in 1991.
 -0- 10/23/92
 /CONTACT: Bob Harwood of Grumman, 516-575-5287/
 (GQ) CO: Grumman Corporation ST: New York IN: ARO SU:


GK -- NY066 -- 4299 10/23/92 16:00 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 23, 1992
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