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STEEL PARTNERS WITHDRAWS PROPOSAL FOR SL INDUSTRIES; ANNUAL MEETING BASED ON SL BOARD'S DECISION TO EXPLORE ACTIONS TO ENHANCE VALUE

 MT. LAUREL, N.J., and NEW YORK, Oct. 12 /PRNewswire/ -- SL Industries, Inc. (NYSE: SL), and Steel Partners L.P. jointly announced today that Steel Partners has agreed to withdraw its shareholder proposal for consideration by SL shareholders at the annual meeting scheduled for Nov. 19, 1993. The proposal asked shareholders to approve a recommendation to the SL board to effect the sale, merger or liquidation of the company's operating divisions as a means to increase shareholder value. Steel Partners maintains the right to resubmit the proposal next year.
 Steel Partners agreed to withdraw the proposal after SL's announcement on Oct. 4, which said the SL board has "determined to explore the feasibility of certain options to enhance shareholder value," which were presented in a report prepared by the company's financial advisors, The Bridgeford Group.
 SL Industries, Inc., is comprised of operating subsidiaries focused on the design, manufacture and distribution of a broad range of innovative products. Together, they serve two business segments: Power and Data Quality, and Specialty Products. These subsidiaries, which are located throughout North America, possess distinct product development design, manufacturing and marketing capabilities, and occupy niche positions within the markets which they serve.
 -0- 10/12/93
 /CONTACT: Owen Farren, president & CEO of SL Industries, Inc., 609-727-1500/
 (SL)


CO: SL Industries, Inc.; Steel Partners L.P. ST: New Jersey IN: MAC SU:

TM -- NY106 -- 1355 10/12/93 17:56 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
Words:235
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