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JUSTIN INDUSTRIES ANNOUNCES AGREEMENT TO SELL CERAMIC COOLING TOWER SUBSIDIARY

 JUSTIN INDUSTRIES ANNOUNCES AGREEMENT TO SELL
 CERAMIC COOLING TOWER SUBSIDIARY
 FORT WORTH, Texas, Nov. 27 /PRNewswire/ -- Justin Industries, Inc. (NASDAQ/NMS: JSTN), and AMSTED Industries Incorporated, announced today that they have signed a definitive agreement which calls for the sale to AMSTED of the net operating assets and business of Ceramic Cooling Tower Company, a wholly owned subsidiary of Justin. The sale, for $20 million in cash, is expected to be completed by year end and is subject to certain conditions, including appropriate regulatory approvals.
 Ceramic, the principal business in Justin's industrial equipment segment, is engaged in the design, manufacture, and sale of water cooling systems.
 AMSTED is a Chicago based, privately held, diversified manufacturer of products for construction and building markets, general industry, and the railroads. AMSTED intends to operate Ceramic as a part of its Baltimore Aircoil Company, which is a leading manufacturer of heat transfer and evaporative cooling equipment for air conditioning, refrigeration and industrial process cooling.
 John Justin, chairman and chief executive officer of Justin, said, "Ceramic has made much progress over the last few years in expanding its products and markets and we are pleased that the company will have enhanced opportunities for even further growth as part of the AMSTED organization. The purchase price," he noted, "reflects the full and fair value of Ceramic including its prospects for future growth."
 Justin Industries includes Justin Boot Company, Nocona Boot Company, and Tony Lama Company -- makers of the famed Justin(R), Nocona(R), and Tony Lama(R) footwear; Acme Brick Company -- the top domestically owned United States manufacturer of face brick; Featherlite Building Products Corporation -- leading Southwest producer of concrete masonry products; Tradewinds(R) evaporative air coolers for residential and commercial needs; and Northland Publishing Company -- publisher of fine books focused on the art and history of the American West.
 -0- 11/27/91
 /CONTACT: Richard J. Savitz, vice president-finance of Justin Industries, 817-390-2412/
 (JSTN) CO: Justin Industries, Inc.; AMSTED Industries Incorporated;
 Ceramic Cooling Tower Company ST: Texas IN: SU: TNM


JT -- NY036 -- 7757 11/27/91 13:13 EST
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Publication:PR Newswire
Date:Nov 27, 1991
Words:344
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