MK Enters Into Construction Relationship With Praxair.

BOISE, Idaho--(BUSINESS WIRE)--June 21, 1999--

Morrison Knudsen Corporation (NYSE:MK) today announced that it has entered into a relationship with Praxair, Inc. to provide construction services at new and existing Praxair plants for selected areas throughout the United States.

Construction services, which will be performed by the Cleveland-based MK Engineers & Constructors Group (MKE&C), include direct-hire construction and construction-management services, as well as assistance with estimating, constructability reviews, and procurement. MK currently is performing direct-hire construction of a new air-separation plant and infrastructure additions for Praxair in Ecorse, Michigan. The plant will produce oxygen, nitrogen, and argon.

"We welcome this exciting opportunity to develop a strong, long-term relationship with one of the largest industrial gas producers in the world," said Thomas H. Zarges, president and chief executive officer of the MKE&C Group. "Our new relationship with Praxair fits our fundamental business approach to forge long-term client relationships." The MKE&C Group presently has more than 40 client partnerships/relationships around the world.

Praxair, Inc. (NYSE:PX) is the largest industrial gases company in North and South America, and one of the largest worldwide, with 1998 sales of $4.8 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technology bring productivity and environmental benefits to a wide variety of industries, including aerospace, food and beverage, healthcare, electronics, steel, chemicals and refining, metal fabrication, water treatment, glass and others.

Morrison Knudsen Corporation (NYSE:MK) has 22,000 employees at work in more than 35 countries serving the industrial, energy, environmental, government, heavy-civil, mining, nuclear-services, operations and maintenance, transportation, and water-resources markets as an engineer, constructor and program manager.

This news release contains "forward-looking statements" within the meaning of the private securities litigation reform act of 1995, which are identified by the use of forward-looking terminology such as "may," "will," "could," "should," "expect," "anticipate," "intend," "plan," "estimate," or "continue" or the negative thereof or other variations thereof. Such forward-looking statements are necessarily based on various assumptions and estimates and are inherently subject to various risks and uncertainties, including risks and uncertainties relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in social, economic, business industry, market, legal, and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including the corporation's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial, and other governmental authorities and officials.