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ATEK METALS CENTER, INC. ANNOUNCES AGREEMENT FOR SALE OF COMPANY

 CINCINNATI, July 7 /PRNewswire/ -- Atek Metals Center, Inc. (NASDAQ/NMS: ATKM) announced today that it has entered into a Reorganization Agreement with AMC Acquisition Corporation ("AMC"), a corporation formed by affiliates of Rolled Alloys, Inc., a privately- held distributor of heat and corrosive resistant alloys, pursuant to which AMC will be merged into Atek and each share of Atek's common stock will be converted into a right to receive $4.51 in cash. Atek presently has issued and outstanding 3,730,231 common shares.
 This agreement also provides that upon the effectiveness of the merger, the 2,000 shares of Atek's convertible preferred stock will be converted into a right to receive $1,000 per share in cash.
 The company has received an opinion from The Ohio Company, an investment banking firm engaged by the company's Special Committee, that from a financial point of view the foregoing transaction is fair to Atek's common shareholders.
 Consummation of the transaction is contingent upon a number of matters including, without limitation, compliance with the requirements of the Hart-Scott-Rodino Act, receipt by AMC of an environmental report satisfactory to it with respect to one of Atek's facilities and the adoption of the proposed merger by Atek's shareholders. It is contemplated that if the conditions are met, the transaction should close sometime in September, 1993.
 Atek provides high-performance materials and manufacturing services worldwide to the aircraft engine segment of the aerospace industry and to the petrochemical segment of the chemical process industries.
 -0- 7/7/93
 /CONTACT: Barry F. Bucher, president and CEO, Atek Metals Center, Inc., 513-874-3490/
 (ATKM)


CO: Atek Metals Center, Inc.; AMC Acquisition Corporation ST: Ohio IN: MNG SU: TNM

BM -- CL009 -- 9036 07/07/93 11:10 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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