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ARMCO TO SELL INTEREST IN NATIONAL-OILWELL

 ARMCO TO SELL INTEREST IN NATIONAL-OILWELL
 PARSIPPANY, N.J., March 30 /PRNewswire/ -- Armco Inc. and USX


Corporation, Armco's 50-50 joint venture partner in National-Oilwell, entered into an agreement in principle with Empresas Lanzagorta, S.A. de C.V. ("EMLA") to sell their interests in National-Oilwell to a new enterprise to be formed by EMLA. This agreement provides that EMLA will combine in the new enterprise the businesses of National-Oilwell, an oilfield machinery and equipment manufacturer, with certain of EMLA's businesses. Under the agreement, Armco will be paid for its interest in National-Oilwell $90 million in cash and will receive $15 million in subordinated notes, and a 15 percent equity interest in the newly formed enterprise. The transaction is subject to a number of conditions, including the negotiation of a definitive agreement, approval by the boards of directors of Armco, USX, and EMLA, financing, and necessary government approvals.
 -0- 3/30/92
 /CONTACT: James A. Herzog of Armco, 201-316-5276/
 (AS) CO: Armco Inc.; USX Corporation ST: New Jersey IN: OIL SU: TNM


SH -- NY087 -- 2983 03/30/92 15:11 EST
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Publication:PR Newswire
Date:Mar 30, 1992
Words:180
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