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VARITY'S KELSEY-HAYES UNIT WINS FIRST NORTH AMERICAN PASSENGER CAR ABS CONTRACT WORTH $60 MILLION ANNUALLY

 BUFFALO, N.Y., May 13 /PRNewswire/ -- Varity Corporation (NYSE: VAT) said its Kelsey-Hayes automotive products unit has received a contract valued at $60 million in annual sales to supply its latest generation anti-lock braking systems (ABS) to a North American/Japanese joint venture company in the United States for 1996 model year passenger cars. While Kelsey-Hayes is the largest producer of ABS systems for light trucks and sport utility vehicles, the award marks the company's first North American passenger car application.
 Kelsey-Hayes will ship approximately 300,000 units to the joint venture company's U.S. location. "Combined with the $110 million annual agreement with two European auto makers announced last year, this contract solidifies the growth of the new EBC 10 family of products on an international basis," said Victor Rice, chairman and chief executive officer of Varity.
 Rice said that during 1992 Varity received committed orders for the ABS and Controls business that will more than double sales by 1996, when they will approach $1 billion annually. Rice noted that auto producers were sharply increasing applications of ABS. In 1992, 32 percent of autos produced in North America were fitted with ABS, up from one percent five years ago.
 The Kelsey-Hayes EBC 10 advanced system is smaller, lighter and more cost-effective than traditional ABS. It is compatible with virtually any passenger car or light truck in the world, and works with any front, rear or all-wheel drive vehicle.
 Varity's Kelsey-Hayes unit is the world's leading producer of ABS and also is a major supplier of conventional brakes and electrical control devices to the automotive industry. Varity's other businesses include Perkins diesel engines and Massey Ferguson farm equipment.
 -0- 5/13/93
 /CONTACT: Jerry Hostetter of Varity Corporation, 716-888-8073/
 (VAT)


CO: Varity Corporation; Kelsey-Hayes ST: New York, Michigan IN: AUT SU: CON

BM -- CL009 -- 8026 05/13/93 10:43 EDT
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Publication:PR Newswire
Date:May 13, 1993
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