Giddings & Lewis receives payment on Russian contract.FOND DU LAC Fond du Lac (fŏn` də lăk', –jə–), city (1990 pop. 37,757), seat of Fond du Lac co., E central Wis., in a resort region at the south end of Lake Winnebago; inc. 1852. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Dec. 21, 1994--Today, Giddings & Lewis, Inc. (``Company'') announced that it had received $32.3 million for payment of equipment purchased by Production Corporation Moskvich (``Moskvich Contract''). The Moskvich Contract is one of two contracts with customers in the former Soviet Union which were acquired by the Company as part of its acquisition of Cross & Trecker Corporation in October 1991. In light of the political and economic instability in the former Soviet Union at the time of the Cross & Trecker acquisition, the Company was unable to predict when or if effective guarantees or additional payments would be received under these contracts. As a result, the Company, at the time of the acquisition, wrote off the uncollected receivables and reserved for the costs committed to be incurred with respect to these contracts. Payment will result in an increase to pre-tax income of approximately $22 million after taking into account estimated costs for shipping, installation, warranty, and other contract costs. Headquartered in Fond du Lac, WI, Giddings & Lewis is the largest supplier and integrator (1) In electronics, a device that combines an input with a variable, such as time, and provides an analog output; for example, a watt-hour meter. (2) See systems integrator. of automated machining and assembly systems in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and one of the largest in the world. Major product lines include manufacturing systems, flexible transfer lines, flexible inspection systems, automated assembly systems, high-precision automated machine tools, measuring systems, and other related products and services. Its stock is traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol GIDL GIDL Gate-Induced Drain Leakage . CONTACT: Giddings & Lewis, Inc., Fond du Lac John F. Townsend, 414/929-4212 |
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