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HOLNAM INC. ADOPTS NEW ACCOUNTING STANDARDS

 DUNDEE, Mich., March 31 /PRNewswire/ -- Holnam Inc. (NYSE: HLN) announced today that, as required, it adopted on Jan. 1, 1993, the provisions of Statement of Financial Accounting Standards (SFAS) 106 to account for post-retirement health and life benefits.
 This change in accounting will result in an approximately $67 million after-tax, non-cash charge against first quarter 1993 earnings, reported as a cumulative effect of a change in accounting principle. Management estimates that the adoption of SFAS 106 will also increase post-retirement health and life benefit expenses by approximately $2.5 million in 1993.
 The company also said that, as required, effective Jan. 1, 1993, it adopted the provisions of SFAS 109 to account for income taxes. This change in accounting will not have a material impact on the company's reported results.
 Holderbank Financiere Glaris Ltd., Holnam's majority shareholder, had already provided for the cost of retiree health and life benefits, in conjunction with its adoption of International Accounting Standards effective Jan. 1, 1992. As a result, its earnings will not be impacted by Holnam's decision.
 Holnam Inc. is a major producer and supplier of cement and related building materials in North America with consolidated annual sales close to $1 billion. It is a subsidiary of Holderbank Financiere Glaris Ltd. of Switzerland, and its shares are traded on the New York Stock Exchange.
 -0- 3/31/93
 /CONTACT: Thomas A. Chizmadia, vice president - corporate communications of Holnam, 313-529-2411/
 (HLN)


CO: Holnam Inc. ST: Michigan IN: CST SU:

SH -- NY053 -- 1537 03/31/93 13:18 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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