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PRIVATE HOLDERS OF CROMPTON & KNOWLES TO SELL THREE MILLION SHARES; COMPANY TO OFFER TWO MILLION NEW SHARES

PRIVATE HOLDERS OF CROMPTON & KNOWLES TO SELL THREE MILLION SHARES; COMPANY
 TO OFFER TWO MILLION NEW SHARES
 STAMFORD, Conn., Sept. 30 /PRNewswire/ -- Crompton & Knowles Corporation (NYSE: CNK) today filed a registration statement with the Securities and Exchange Commission for a proposed public offering of approximately five million shares of common stock. Approximately three million of the shares to be offered represent a secondary offering of 2.86 million shares from the estate of Sarah Knowles de Coizart and 114,000 shares from the Stackpole Trust. The registration statement also covers approximately two million new shares of common stock to be issued by the company. The company currently has 49.8 million shares of stock outstanding.
 The proceeds from the company's offering will be used for the repayment of corporate debt.
 The offering will be underwritten by a group of underwriters led by Salomon Brothers Inc. Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated will co-manage the offering.
 The registration statement relating to these securities has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 NOTE TO EDITORS: The prospectus, when available, can be obtained from Salomon Brothers Inc, 212-783-5625
 -0- 09/30/92
 CONTACT: Yanis Bibelnieks of Bibelnieks Associates, 212-949-2295, for Crompton & Knowles
 (CNK) CO: CROMPTON & KNOWLES CORPORATION IN: CHM ST: CT -- NY015 -- X308 09/30/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 30, 1992
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