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TRANSTECHNOLOGY OPPOSITION SLATE ENDORSED BY INDEPENDENT ANALYST

 TRANSTECHNOLOGY OPPOSITION SLATE ENDORSED BY INDEPENDENT ANALYST
 CLEVELAND, Sept. 21 /PRNewswire/ -- Michael J. Berthelot, holder of 5.6 percent of TransTechnology Corporation's (NYSE: TT) common stock and leader of an opposition slate of directors, said today that an independent research association had recommended to its clients that they elect Berthelot's slate of directors at the upcoming annual meeting. Institutional Shareholders Services, Inc., of Washington, an independent research firm which advises institutional shareholders on proxy issues, made its recommendation, according to Berthelot, after reviewing proxy materials submitted by both his slate and the incumbent slate, interviewing principals of both slates, and pursuing their own research and analysis, which included contacts with company employees and outside consultants.
 Berthelot, until last month the company's vice chairman and acting president and CEO, has focused his campaign on the accomplishments of his management team over the past year, the company's improved performance, lower debt, and a significant increase in the company's stock price since his involvement with the company. Berthelot has set out his program for the future of the company as including a proposed $1.50 per share special dividend, the reinstitution of regular quarterly dividends at 33 percent or less of annual income, the securing of new long-term debt, the maintenance of a debt to total capitalization ratio of 35 percent or less, the implementation of a new incentive compensation system for officers and key employees, and the rebuilding of the company through product line acquisitions designed to strengthen existing product lines and maximum usage of existing facilities.
 TransTechnology is a diversified manufacturer of industrial and aerospace products headquartered in Union, N.J. The company's annual shareholders' meeting and election of directors is scheduled for Sept. 23 in N.Y.
 -0- 9/21/92
 /CONTACT: Michael J. Berthelot, Canterbury Holdings Corporation, 216-528-0163, or 216-656-3812, or by fax, 216-656-0415/
 (TT) CO: Canterbury Holdings Corporation; TransTechnology Corporation ST: Ohio, New Jersey IN: ARO SU:


BM -- CL008 -- 1605 09/21/92 11:08 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
Words:328
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