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CINCINNATI MILACRON COMPLETES PURCHASE OF VALENITE UNIT FROM GTE CORPORATION

 CINCINNATI, Feb. 1 /PRNewswire/ -- Cincinnati Milacron Inc. (NYSE: CMZ) announced today that it has completed the purchase of GTE Valenite Corporation from GTE Corporation for $80 million in cash and assumed debt. The sale is part of GTE's previously announced plan to focus on its telecommunications businesses. Financing for the transaction was provided by Milacron's existing bank group, a new trade receivables-backed commercial paper financing program, and available cash. The transaction will be accounted for as a purchase, Milacron said.
 To Be Operated as Wholly Owned Subsidiary
 Valenite had sales of approximately $265 million in 1992, about 30 percent overseas. The company is one of the world's leading producers of industrial metalcutting products such as carbide inserts, special and standard tooling systems and gauging products. Effective immediately, Valenite will operate as a wholly owned subsidiary of Milacron.
 Valenite management is unchanged; its employees remain employees of the subsidiary; and the unit now reports to Alan L. Shaffer, Milacron group vice president of industrial products.
 Leadership Position in $15-Billion Market
 "We are extremely pleased to add Valenite to our operations" said Daniel J. Meyer, Milacron's chairman and chief executive officer. "With this step, we have boosted our yearly revenue to more than $1 billion and seized a leadership position in the $15-billion worldwide industrial consumables market. Valenite is a perfect fit with our cutting fluid and grinding wheel businesses, and, at the same time, we have accomplished one of our key strategic goals: We now have more than one- third of our business in industrial consumable products."
 Low Capital Requirement, Strong Cash Flow Cited
 Meyer noted that unlike Milacron's machinery operations, the industrial specialties business requires relatively low capital investment and has historically strong earnings and cash flow. "Further, business cycles are less severe, and there is limited import competition," he said. Meyer also noted that Valenite's technological expertise and reputation for innovative products are "an excellent supplement to Milacron's dedication to developing quality products."
 Valenite: No. 2 in U.S. Tooling Market; No. 3 Worldwide
 Valenite, the second largest producer of metalcutting tooling systems in the U.S. and the third largest worldwide, also has strong positions in tools for coal mining and road construction as well as carbide die and wear products. Headquartered in Troy, Mich., Valenite employs approximately 2,700 worldwide and operates major manufacturing facilities in six U.S. states and nine other countries, as well as nine domestic direct sales offices and 42 locations in 16 countries.
 Cincinnati Milacron, headquartered in Cincinnati, is a world leader in advanced manufacturing technologies for the metalworking and plastics-processing industries. Its products include machine tools, plastics-processing machinery, composites-processing systems, computer controls, software, flexible manufacturing cells and systems, precision grinding wheels and metalworking fluids. Milacron's sales in 1991 were $754 million, with about one-third from overseas. Prior to the purchase of Valenite, the company has approximately 6,000 employees worldwide and 18 plants in the U.S. and Europe.
 -0- 02/01/93
 /CONTACT: Albert Beaupre of Cincinnati Milacron, 513-841-7241/
 (CMZ)


CO: Cincinnati Milacron Inc. ST: Ohio IN: SU: TNM

AH -- NY091 -- 1491 02/01/93 15:22 EST
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Date:Feb 1, 1993
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