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LISTING CEREMONY TO MARK MILESTONE -- PREMDOR, CANADIAN COMPANY, BEGINS TRADING TOMORROW ON NEW YORK STOCK EXCHANGE

 NEW YORK, April 1 /PRNewswire/ -- Premdor Inc. (TSE, MSE: PDI) tomorrow becomes only the 29th Canadian company -- and only the sixth this decade -- to obtain a listing on the New York Stock Exchange.
 Premdor President and Chief Executive Officer Philip Orsino said: "The listing is an important milestone in the growth of Premdor, because it will provide greater liquidity and a broader market for our shares as a result of improved awareness and visibility among individual and institutional investors. Premdor's strategy is to continue to expand its markets internationally and now with over 70 percent of our sales, plants and people in the United States it is appropriate for the company's shares to be traded on the New York Stock Exchange in addition to the Toronto and Montreal Stock Exchanges."
 Premdor has 23 facilities in Canada, the United States and Europe.
 "It proves what a Canadian company can achieve internationally by being aggressive and focused on the business it knows best," added Orsino, whose company is also listed on the Toronto Stock Exchange and the Montreal Exchange. "Many people talk about globalization; I think Premdor has turned talk into action. We intend to keep our Canadian heritage, while branching out when solid opportunities present themselves."
 Sales for the year ended Dec. 31, 1992, were $417 million, a ten- fold increase in the past ten years and up 46 percent over 1991. Net income for 1992 was $8.5 million or $0.28 per share. The company sells to both the new construction and home improvement markets. With approximately 115 million homes in North America, each containing an average of ten or 12 interior doors, the company's market is quite large. Estimates set the value of the North American home renovation market at more than $100 billion.
 "One of the major objectives of the management of Premdor is to improve shareholder value and we believe, long term, that all the current and future shareholders of the company will benefit from access to trading on the `big board' in New York," said Orsino. "Premdor's growth in the U.S. both in terms of its business and its shareholder base have led us to the conclusion that a senior U.S. listing is not only appropriate but is required."
 Recent acquisitions have helped the company to enhance its leading distribution network while lowering costs and improving manufacturing capabilities.
 After a listing ceremony tomorrow morning on the floor of the New York Stock Exchange, Premdor's shares will trade under the symbol PI in New York. The company is listed under the symbol "PDI" in Toronto and Montreal.
 -0- 4/1/93
 /CONTACT: Philip Orsino, president and CEO of Premdor, 416-250-8933/
 (PDI.)


CO: Premdor Inc. ST: Ontario IN: CST SU:

GK -- NY085 -- 2106 04/01/93 14:29 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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