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CHAMBERS SIGNS AGREEMENT FOR SALE OF SECURITY SERVICES SUBSIDIARY

 CHAMBERS SIGNS AGREEMENT
 FOR SALE OF SECURITY SERVICES SUBSIDIARY
 PITTSBURGH, Oct. 29 /PRNewswire/ -- Chambers Development Company, Inc. (AMEX: CDVA, CDVB) today announced it has signed a definitive purchase agreement for the sale of the assets of its wholly owned security services subsidiary, Security Bureau, Inc. (SBI), to Chicago- based Borg-Warner Corporation.
 Borg-Warner's two guard service units, Burns International Security Services and Wells Fargo Guard Services, are major providers of contract guard services.
 Closing of the transaction is contingent upon receiving government approval in accordance with the Hart Scott Rodino Act. The agreement provides for a purchase price of $34 million subject to downward adjustments for accounts receivable, customer agreements and other operating assets in the estimated range of $3 million to $6 million.
 The sale is part of Chambers' previously announced restructuring program emphasizing overhead and operating cost reductions and the disposition of assets which are no longer part of the company's long- term strategic plans in the waste business.
 Chambers is also now emphasizing growth from its existing asset base and will continue to focus on supplying customers' needs with quality services.
 "The sale of SBI will increase the company's cash position and reduces ongoing overhead and operating costs as the company goes forward," said John G. Rangos Sr., Chambers president and CEO. "In addition, even though SBI was a separate subsidiary and had its own management team, certain coordination and support from Chambers' corporate staffs were required. Now, our efforts and attention will be focused solely on realizing the significant potential that we have in our key waste services businesses."
 Chambers Development Company, Inc., headquartered in Pittsburgh, is a leading environmental firm offering services in landfill and transfer station development, and recycling, as well as the collection, transportation and disposal of non-hazardous residential, commercial, industrial and medical wastes.
 -0- 10/29/92
 /CONTACT: Jim Leonard, 412-244-7560, or Lew Nevins (financial), 412-244-6195, both of Chambers Development/
 (CDV) CO: Chambers Development Company, Inc.; Security Bureau, Inc.;
 Borg-Warner Corporation ST: Pennsylvania, Illinois IN: SU: TNM


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Publication:PR Newswire
Date:Oct 29, 1992
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