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VARITY'S MASSEY FERGUSON UNIT TO FORM JOINT VENTURE

 BUFFALO, N.Y., Jan. 17 /PRNewswire/ -- Varity Corporation's (NYSE: VAT) Massey Ferguson Group announced today that it has entered into discussions with Renault Agriculture S.A. to form a joint venture in France.
 Under the terms of the proposed joint venture project, Massey Ferguson's French subsidiary and Renault Agriculture S.A. would jointly undertake research, development, and manufacturing activities for tractor transaxles and related components at Massey Ferguson's premises in Beauvais, France.
 As part of the joint venture project, Massey Ferguson and Renault Agriculture S.A. would also collaborate on purchasing activities for their respective operations.
 Varity Corporation (NYSE: VAT) had sales in 1992 of $3.4 billion and is one of the 150 largest industrial companies in the United States. Massey Ferguson is one of the company's three major operating groups. Its other businesses include Kelsey-Hayes automotive equipment and Perkins diesel engines.
 -0- 1/17/94
 /CONTACT: Mary Beth Saba of Varity Corporation, 716-888-8038/
 (VAT)


CO: Varity Corporation; Massey Ferguson Group; Renault Agriculture S.A. ST: New York IN: AUT SU: JVN

KL -- CL003 -- 2351 01/17/94 07:38 EST
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Publication:PR Newswire
Date:Jan 17, 1994
Words:182
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