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PEER ACQUIRES DETROIT TOOL GROUP STOCK

 PEER ACQUIRES DETROIT TOOL GROUP STOCK
 ST. LOUIS, Aug. 12 /PRNewswire/ -- Sam Fox, chairman and chief


executive officer of Harbour Group, announced today that a newly formed Harbour Group company, Peer Corp., has acquired all of the stock of Detroit Tool Group and substantially all of the assets of Peer, a division of Teledyne Inc. (NYSE: TDY). The combined sales of the two companies exceed $60 million. Terms of the acquisition were not disclosed.
 Detroit Tool Group, headquartered in Lebanon, Mo., is involved in the design and construction of large special machines, tool and die manufacturing, and metal stamping. The company employs over 500 people and serves a diverse industrial base of clients.
 Peer, headquartered in Benton Harbor, Mich., is engaged in the design, manufacture, and sale of a complete line of standard and custom designed resistance welding machines. The company employs more than 40 people at its Benton Harbor facility.
 Fox stated that the acquisition of both Detroit Tool Group and Peer represents a signficant commitment by Harbour Group to establishing a presence in the highly fragmented industries in which the two companies compete.
 Harbour Group is a privately owned operating company based in St. Louis. In addition to Peer Corporation, the Harbour family of companies encompasses five other business groups which manufacture carbide and high speed steel cutting tools, pumps, elastomer and teflon products, plastic injected molded and structural form molded products, and aluminum master alloys. Harbour operates 30 plants in the United States, Canada and Europe, with annual sales of $500 million and approximately 4,500 employees.
 -0- 8/12/92
 /CONTACT: Alfred Fleishman, 314-982-1700, for Harbour Group/
 (TDY) CO: Harbour Group; Detroit Tool Group; Teledyne ST: Missouri IN: SU: TNM


RM -- SF009 -- 6355 08/12/92 16:28 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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