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RIEDEL TO SELL RECYCLED RUBBER PRODUCTS UNIT

 PORTLAND, Ore., April 16 /PRNewswire/ -- Riedel Environmental Technologies Inc. (RET) (AMEX: RIE) announced today that the company plans to sell its Riedel OMNI Rubber Products subsidiary and, thus, complete its "Backs to Basics" strategy begun in early 1992. OMNI accounts for approximately 15 percent of RET's annual business volume.
 According to William V. Spicer, RET executive vice president/ Finance, the company will use the proceeds of the OMNI transaction to retire substantially all bank debt. Additionally, the company has developed a plan to repurchase approximately $8 million of the company's shares currently owned by Willamette-Western Corp. which filed for protection under Chapter 11 in December 1991. The court is currently considering two plans for the reorganization of Willamette-Western Corp. Repurchase of the shares will depend upon confirmation of RET's Plan by the bankruptcy court.
 Riedel recently announced 1992 earnings of 37 cents per share, compared with a 1991 loss of 97 cents per share. According to the company, the "Back to Basics" strategy adopted in 1992 was one of the major reasons for the company's turnaround. According to Spicer, "Divestiture of OMNI allows us to complete our 'Back to Basics' strategy and focus on our core hazardous waste remediation business."
 -0- 4/16/93
 /CONTACT: Dave Rynd, vice president, executive assistant to the chief executive officer, of Riedel Environmental Technologies, 503-286-4656/
 (RIE)


CO: Riedel Environmental Technologies Inc.; Riedel OMNI Rubber Products ST: Oregon IN: SU:

SW-LM -- SE011 -- 7029 04/16/93 20:10 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
Words:244
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