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TURNER SIGNS AGREEMENT WITH KARL STEINER HOLDING CORPORATION OF SWITZERLAND

 TURNER SIGNS AGREEMENT WITH KARL STEINER HOLDING CORPORATION
 OF SWITZERLAND
 NEW YORK, June 11 /PRNewswire/ -- The Turner Corporation (AMEX: TUR), the nation's leading general builder, and Karl Steiner Holding Corporation of Zurich, Switzerland today signed agreements finalizing the terms of the purchase by Steiner of $15 million of new convertible securities in the Turner Corporation and creating a new international construction management company. Closing is expected in July 1992, subject to approval of the Hart Scott Rodino filing and other customary closing conditions.
 A new class of preferred stock will be purchased by Steiner for $9 million and is convertible into one million shares of Turner common stock. Also, five-year convertible debentures will be purchased by Steiner for the principal amount of $6 million which are convertible into 600,000 shares of Turner common stock. If Steiner were to convert both the preferred stock and the convertible debentures, it would own approximately 22 percent of Turner's common stock on a fully diluted basis.
 Alfred T. McNeill, chairman and chief executive officer of the Turner Corporation, remarked, "The investment by Steiner organization is one of a series of steps the company has taken over the past several years to strengthen its balance sheet. It will enhance our bonding capacity and better enable us to serve our clients as the nation's leading general builder. Further, it will provide us with more flexibility in finding a solution to our existing real estate problems."
 The agreement calls for the creation of a new international construction management company which will engage in construction activities throughout the world other than the home markets of the two principal firms in North America and parts of Europe.
 The new jointly owned company, Turner Steiner International, is a continuation of a relationship that began with Turner Steiner Europe, a construction consulting company already jointly owned by Turner and Steiner, the largest general builder in Switzerland. The new company will acquire most of the assets and subsidiaries of Turner's current international construction subsidiary, Turner International Industries, Inc. Turner will continue its current construction operations in North America and selected areas through Turner Construction Company and other domestic construction subsidiaries. Steiner will continue its current construction activities in Europe.
 McNeill commented, "We are very pleased with these transactions involving the Steiner organization. Our expanded association will allow both Turner and Steiner to better serve their respective clients and, by drawing on the resources of both companies, better meet the predicted growth in international construction opportunities."
 Karl Steiner Holding Corporation is an exclusively family-owned company headquartered in Zurich, Switzerland with subsidiaries in France, Germany, Italy and Austria. During 1991, the Steiner group realized total sales of SF950 million (US$652.5 million).
 Based in New York City, the Turner Corporation, through Turner Construction company and other constructin? subsidiaries, is the nation's largest builder of commercial, industrial, hospital and healthcare, institutional, government building and multi-unit housing projects. Operating through more than 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1991, the Turner Corporation completed $2.7 billion of construction.
 -0- 6/11/92
 /CONTACT: Beverly A. Benn, 212-229-6157, or Nick Billotti, 212-229-6403, both of Turner/
 (TUR) CO: Turner Corporation; Karl Steiner Holding Corporation ST: New York IN: CST SU:


LR-OS -- NY049 -- 9260 06/11/92 13:10 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
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