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PENN CENTRAL REORGANIZES ITS WIRE AND CABLE OPERATIONS

 PENN CENTRAL REORGANIZES ITS WIRE AND CABLE OPERATIONS
 CINCINNATI, March 30 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) ("PCC") announced today that it is reorganizing the wire and cable operations that make up the major part of the manufacturing businesses that it anticipates will be spun off to Penn Central shareholders in a new public company in July of this year. PCC also announced that the corporate headquarters for the new company will be located in Cincinnati.
 Under the previously announced spin-off proposal, PCC shareholders will receive a distribution of shares of a new public company called General Cable Corporation ("GCC"). GCC will be a leading U.S. wire and cable manufacturer and will own the operations of Carol Cable Company, Capital Wire & Cable Company and General Cable Company's Guardian Products and Telecommunications Divisions, as well as the materials handling and marine equipment operations of Marathon LeTourneau Company, and several other smaller manufacturing units. These businesses had total sales of $1,024.5 million in 1991.
 According to Ronald F. Walker, who will serve as president and chief executive officer of GCC, the new GCC will be organized into two business segments, wire and cable and heavy equipment. The wire and cable segment will include Electrical Telecommunications & Electronics, and Consumer & OEM units. David H. Street, currently senior vice president-finance of PCC, will serve as executive vice president of GCC and as president of its Wire and Cable Group. The heavy equipment segment will include the materials handling and marine equipment operations of Marathon LeTourneau Company. J. Earl Beckman, currently president of Marathon LeTourneau Company, located in Longview, Texas, will continue to serve as president of this unit.
 Relocation of GCC's corporate headquarters in Cincinnati is expected to occur this summer on completion of the spin-off. Walker stated, "I am very pleased that the GCC transition is expected to bring some 75 employees to Cincinnati and will create new local employment opportunities." GCC anticipates that it will hire approximately 175 people locally to work in the Cincinnati headquarters, which will include management of the various business units as well as corporate administrative and staff groups.
 Penn Central operates businesses primarily in the areas of specialty property and casualty insurance and defense services.
 -0- 3/30/92
 /CONTACT: David H. Street, senior vice president - finance for The Penn Central Corporation, 513-579-6600/
 (PC) CO: The Penn Central Corporation ST: Ohio IN: ARO SU:


LC -- CL007 -- 2752 03/30/92 09:43 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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