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ARMCO SELLS WORLDWIDE GRINDING SYSTEMS

 PARSIPPANY, N.J., Nov. 15 /PRNewswire/ -- Armco Inc. (NYSE: AS) announced that it completed the sale of its Worldwide Grinding Systems segment to a Boston-based investment firm, Bain Capital, in partnership with members of the operations' management. Armco will receive approximately $80 million. Armco said the sale was a continuation of its strategy to focus on stainless and electrical steels and divest businesses not representing a strategic fit.
 Worldwide Grinding Systems, now called GS Technologies, is headquartered in Kansas City, Missouri, and produces grinding balls, rods, castings and process control systems for the mining industry as well as high carbon wire rods. In the first half of 1993, this business, which employs 1700 people worldwide had sales of $197.6 million, operating profit of $8.9 million and income from joint ventures of $4.3 million.
 Armco Inc. is a leading domestic producer of stainless and electrical steels. Armco also produces carbon flat-rolled steels, steel products and carbon steel tubular goods. Armco has joint venture interests in companies which produce stainless steels, carbon flat- rolled steels and oil field equipment.
 -0- 11/15/93
 /CONTACT: James A. Herzog, 201-316-5276/
 (AS)


CO: Armco, Inc. ST: New Jersey IN: MNG SU: TNM

DH -- NY043 -- 4267 11/15/93 09:37 EST
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Publication:PR Newswire
Date:Nov 15, 1993
Words:209
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