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LINDBERG CORP. ANNOUNCES RESTRUCTURING

 ROSEMONT, Ill., March 17 /PRNewswire/ -- Lindberg Corp. (NASDAQ-NMS: LIND) announced today that it intends to restructure certain of its operating locations, and that a charge against earnings will be recorded in the first quarter of 1993 to provide for the costs associated with that activity. Leo G. Thompson, president and chief executive officer, indicated that the restructuring will occur within the company's heat treat operations, at facilities which have not met performance objectives in recent years and where the potential for future improvement is limited.
 As outlined by Thompson, the charge related to the restructuring will negatively affect after-tax earnings by approximately $5 million. It is expected that planned actions will take place during the months immediately following this announcement, and that future operating earnings and cash flow will benefit from the changes.
 Separately, Thompson indicated that the company's first quarter 1993 operating results were running about as planned for the period, where a modest improvement in business from the fourth quarter of 1992 was anticipated. Additionally, the required adoption of new income tax accounting rules is expected to add about $1.5 million to net income for the first quarter of this year.
 Lindberg is the nation's largest commercial heat treating company, serving the metalworking industry in major industrial centers throughout the United States. Lindberg also owns and operates Harris Metals, a producer of precision intricate aluminum castings; Arrow-Acme, a producer of aluminum and zinc die castings; and Alloy Wire Belt, a producer of conveyor belting products.
 -0- 3/17/93
 /CONTACT: S. S. Penley of Lindberg, 708-823-2021/
 (LIND)


CO: Lindberg Corp. ST: Illinois IN: MNG SU: RCN

GK -- NY065 -- 7081 03/17/93 13:28 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:278
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