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SCHULLER ACQUIRES STEINACHGLAS OF THURINGIA

 DENVER, Nov. 19 ~PRNewswire~ -- Schuller International, Inc., a wholly owned subsidiary of Manville Corporation (NYSE: MVL), today announced that its European unit, Glaswerk Schuller GmbH, has finalized an agreement to acquire Steinachglas, a facility of Thuringen Glasfaser GmbH. Steinachglas, a fiber glass mat manufacturing operation, is located in Thuringia, a state in the former East Germany. Terms were not disclosed.
 Fiber glass mat produced by Steinachglas is used principally for commercial roofing applications. "This acquisition further strengthens Schuller's European business, creating a platform for additional growth in eastern markets," said Richard A. Kashnow, president of Schuller International, Inc. "With our fiber glass mat plants in Wertheim, Karlstein and now Steinach, Germany, we are well positioned to participate in the rebuilding of eastern Germany and the rest of eastern Europe."
 The execution of the purchase agreement for Steinachglas between Glaswerk Schuller and the Treuhandanstalt, the government agency established to sell East German companies, ends nearly two years of Schuller negotiations for assets located in eastern Germany. "We knew the process would be difficult at times," said Paul Hahmann, vice president and general manager of Glaswerk Schuller GmbH. "The German government, and especially the Treuhandanstalt, had an incredibly complex task before them in privatizing an entire country's industry. We were patient and it finally paid off."
 To date, the Treuhandanstalt has privatized thousands of former government-held companies but only a handful of the transactions have involved investment by U.S. companies.
 Successful transactions with the Treuhandanstalt are typically based on a detailed business plan from the prospective purchaser covering future investments in the operation and training and development of the employee base. Planned investments by Glaswerk Schuller at the Steinachglas facility consist of environmental and technological improvements. Under Schuller's ownership, Steinachglas will employ about 120 people.
 Schuller International, Inc. employs approximately 7,500 people worldwide with annual sales in excess of $1 billion. Including the Steinachglas operation, it has 33 production facilities in North America and in Europe. Schuller International manufactures and sells insulation, reinforcements, filtration and building products for a variety of customers primarily in the construction, automotive, filtration and equipment manufacturing industries. Schuller International, Inc. is headquartered in Denver, Colo.
 -0- 11~19~92
 ~CONTACT: Sharon Sweet of Manville Corporation, 303-978-4694~
 (MVL)


CO: Schuller International, Inc.; Manville Corporation;
 Glaswerk Schuller GmbH; Steinachglas; Thuringen Glasfaser GmbH ST: Colorado IN: PAP SU: TNM


MC -- DV005 -- 2832 11~19~92 11:27 EST
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Publication:PR Newswire
Date:Nov 19, 1992
Words:400
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