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MK RECEIVES COMMITMENT FOR $90-MILLION LOCOMOTIVE CONTRACT IN AUSTRALIA; ANNOUNCES APPARENT LOW BID ON HAWAII JOBS

 MK RECEIVES COMMITMENT FOR $90-MILLION LOCOMOTIVE CONTRACT
 IN AUSTRALIA; ANNOUNCES APPARENT LOW BID ON HAWAII JOBS
 BOISE, Idaho, May 11 /PRNewswire/ -- William J. Agee, chairman and chief executive officer of Morrison Knudsen Corp. (MK) (NYSE: MRN), today announced that the company has been selected for the first major contract of its recently formed Australian Operations unit -- a $90-million (U.S.) contract to manufacture 25 locomotives for lease by the Australian National Railroad.
 The Australian locomotive contract is the foundation of an aggressive MK strategy to re-enter the Pacific theater in both the transportation and construction markets while concurrently establishing a dominant business presence in Australia. MK's success in implementing that strategy was underscored by a second announcement by the company. MK has signed a formal agreement to complete the acquisition of a group of North Pacific construction companies that have been under MK management control since January.
 MK also reported that one of these companies, E.E. Black Ltd., is sponsor and 60-percent participant of a joint venture that is apparent low bidder on a $58-million contract to construct a freeway interchange on the Windward side of Oahu. Another MK-managed company is the apparent low bidder on a $50-million building project in Hawaii.
 On Dec. 20 of last year, MK announced plans to acquire the group of companies from McConnell Dowell, an Australia- and New Zealand-based firm in which MK owns a 49-percent interest. The final action needed for the acquisition is approval by a vote of McConnell Dowell's stockholders set for June 9. MK retains its 49-percent interest in McConnell Dowell.
 "This acquisition is part of our strategy to develop what we view as significant opportunities in Hawaii and elsewhere in the Pacific Rim," said Agee. "The interchange contract is a big step in carrying out that plan."
 The apparent low bid on the interchange project was announced by the Hawaii Department of Transportation. Known as the Kaneohe Interchange, the new twin-viaduct structure and relocated highway will be built at the junction of the new Interstate H-3 and existing Likelike Highway on Hawaii's Windward side.
 Morrison Knudsen Corp. is an international company serving the environmental, industrial process, power and transportation markets with complete development, design/engineering, construction, operating and financial services.
 -0- 5/11/92
 /CONTACT: Jess Hawley of Morrison Knudsen, 208-386-5000/
 (MRN) CO: Morrison Knudsen Corp. ST: Idaho IN: TRN SU: CON


LM -- SE007 -- 8858 05/11/92 18:08 EDT
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Publication:PR Newswire
Date:May 11, 1992
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