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APL CORPORATION ANNOUNCES LETTER OF INTENT

 APL CORPORATION ANNOUNCES LETTER OF INTENT
 MIAMI, May 6 /PRNewswire/ -- APL Corporation announced today


that it had entered into a non-binding letter of intent to sell to a subsidiary of McCormick & Company, Incorporated (NASDAQ: MCCRK) substantially all of the assets of APL's subsidiary, Admiral Plastics Corporation, other than accounts receivable, for approximately $12.5 million in cash plus the buyer's assumption of trade payables and certain other specified liabilities of the business acquired. The sale is subject, among other things, to the execution and delivery of a definitive acquisition agreement, completion of a "due diligence" review by the buyer, receipt of all necessary governmental and other approvals and the approval of the parties respective boards of directors. It is presently expected that, if such sale is consummated, the proceeds will be used to make certain past due payments to the Internal Revenue Service and to the holders of APL's outstanding debentures as well as to retire a portion of its outstanding secured indebtedness.
 -0- 5/6/92
 /CONTACT: Chuck Nolan, vice president of APL Corporation, 305-866-7771/
 (MCCRK) CO: APL Corporation; McCormick & Company ST: Florida IN: SU:


JB-AH -- FL009 -- 7352 05/06/92 18:44 EDT
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Publication:PR Newswire
Date:May 6, 1992
Words:195
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