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ANDOVER FILES INITIAL PUBLIC OFFERING OF COMMON STOCK

 ANDOVER, Mass., May 27 /PRNewswire/ -- Andover Controls Corporation today filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of 3,000,000 shares of common stock. All of the 3,000,000 shares to be offered will be sold by the company. Of the shares to be offered, 2,400,000 shares are being offered in the United States and 600,000 are being offered in a concurrent international offering. It is estimated that the initial public offering price of the common stock will be between $14 and $16 per share. The offering will be made through underwriting groups managed by PaineWebber Incorporated and S.G. Warburg & Co. Inc. in the United States and PaineWebber International (U.K.) Ltd. and S.G. Warburg Securities Ltd. internationally.
 The net proceeds received by the company, estimated at $41.4 million, will be used to repay intercompany indebtedness due to affiliates of its parent company, BICC plc. BICC is a U.K.-based international engineering company with major businesses in cables and construction. This offering is a consequence of BICC's previously announced decision to concentrate on its core businesses in cables and construction. Upon completion of the offering, BICC will retain approximately 33.8 percent of the common stock of the company (24.8 percent if the underwriters' over-allotment option is exercised in full). Approximately 6.2 percent of the common stock of the company upon completion of the offering will be held by Andover employees.
 Andover designs, manufactures and markets micro-computer based building automation systems for use in commercial, industrial and institutional buildings. These systems monitor and control heating, ventilation and air conditioning equipment and lighting to reduce energy consumption, improve occupant comfort and reduce operating expenses. Since the introduction in 1991 of the Infinity product line, the company has expanded into the security management and industrial process controls markets. The company markets its equipment and systems through approximately 180 independent automation specialists located in 30 countries, as well as through its direct sales force, which sells systems to end users on a turnkey basis.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A written prospectus with respect to the offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from: PaineWebber Incorporated, Corporate Offerings Department, 1285 Avenue of the Americas, New York, NY 10019, 212-713-3147, or S.G. Warburg & Co. Inc., Syndicate Department, 787 Seventh Avenue, New York, N.Y. 10019, 212-459-7215.
 -0- 5/27/93
 /CONTACT: William J. LaPointe, chief executive officer of Andover Controls Corporation, 508-470-0555/


CO: Andover Controls Corporation ST: Massachusetts IN: CPR SU: OFR

LR -- NY026 -- 2824 05/27/93 09:46 EDT
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Publication:PR Newswire
Date:May 27, 1993
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