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MARTIN MARIETTA TO TAKE FOURTH-QUARTER CHARGE STEMMING FROM INTERNATIONAL LIGHT METALS

 MARTIN MARIETTA TO TAKE FOURTH-QUARTER CHARGE
 STEMMING FROM INTERNATIONAL LIGHT METALS
 BETHESDA, Md., Dec. 20 /PRNewswire/ -- Martin Marietta Corporation (NYSE: ML) announced today it will take a $39 million after-tax charge, or 78 cents per share, against fourth-quarter 1991 earnings relating to restructuring of its International Light Metals operations in Torrance, Calif.
 The restructuring charge is being taken to cover estimated costs of a number of options involving International Light Metals, including leasing to another operator, selling the business, or closing the business and selling the related assets.
 "The steps being taken to restructure this non-core business will improve the corporation's future earnings stream and have minimal cash impact," said Norman R. Augustine, Martin Marietta chairman and chief executive officer.
 Earlier this month, Martin Marietta purchased NKK Corporation of Japan's 40 percent minority equity position in International Light Metals. The Martin Marietta-NKK joint venture was formed in 1984 to manufacture and market aluminum and titanium fabricated products primarily for the commercial aerospace industry and has been unprofitable.
 Prior to the joint venture, the operation was an integral part of Martin Marietta's aluminum business, which was discontinued in 1984.
 -0- 12/20/91
 /CONTACT: Charles P. Manor, media relations director, Martin Marietta, 301-897-6258/
 (ML) CO: Martin Marietta ST: Maryland IN: ARO SU:


SB-MH -- DC013 -- 4495 12/20/91 16:08 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 20, 1991
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