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APC/EAC DISCUSSING JOINT VENTURE FOR ASIA-EUROPE SERVICE

      APC/EAC DISCUSSING JOINT VENTURE FOR ASIA-EUROPE SERVICE
    OAKLAND, Calif., Aug. 27 /PRNewswire/ -- American President Cos. (APC) (NYSE: APS) announced today that it is discussing the formation of a joint venture with the East Asiatic Co. (EAC) of Denmark, to provide transportation services between Asia, the Middle East and North Europe.
    APC said the two parties are continuing to negotiate a 50/50 joint venture, under which APC would acquire 50 percent of EacBen, a wholly owned subsidiary of EAC.  EacBen operates nine containerships in the Asia-Europe trade, and manages a network of agents and offices throughout its service area.
    The new joint venture would assume responsibility for the vessels and containers which EAC has currently committed to EacBen.  Also, the joint venture would build new containerships to replace the older ships in the EacBen fleet, as the trade develops.
    APC Chairman John M. Lillie said the joint venture, if finalized, would enable APC to enter the Asia-Europe market in 1993.  "We see opportunities to offer additional service to our customers by entering a new, promising market and to improve the efficiency of our existing transportation network," Lillie said.
    Oakland, California-based American President Cos. provides container transportation services in North America, Asia and the Middle East through an intermodal system combining ocean, rail and truck transportation.
    -0-                             8/27/92
    /CONTACT:  Randall K. Gausman of American President Cos., 510-272-8284/
    (APS) CO:  American President Companies ST: IN:  TRN SU:  JVN RM -- SF003 -- 3798 08/27/92 09:02 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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