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COMMERCIAL INTERTECH ANNOUNCES LICENSE AGREEMENT WITH SOUTH KOREAN MANUFACTURER

 YOUNGSTOWN, Ohio, Jan. 29 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) today announced that the Astron Building Systems Division of its wholly-owned subsidiary, Commercial Intertech S.A., has entered into a licensing agreement with Geoyang Development Co., Ltd., a manufacturing unit of Pohang Iron & Steel Co., Ltd.
 Commercial Intertech Corp. is a global manufacturer and marketer of hydraulic components, metal products, and fluid purification systems. Its Astron Building Systems Division, headquartered in Diekirch, Luxembourg, is Europe's largest manufacturer of custom-designed metal buildings. Pohang Iron & Steel Company, with principal offices in Seoul and production facilities in Pohang and Kwang Yang, is the world's third largest steel producer.
 Under terms of the agreement, Geoyang will design, engineer, manufacture, market and assemble the integrated metal building systems of Astron. Geoyang will have exclusive distribution rights in Korea and will cooperate with Astron's Singapore sales company for the marketing and manufacturing of Astron buildings throughout the Pacific Rim.
 Prior to the startup of its own manufacturing facility in South Korea, Geoyang will continue to import Astron buildings from the Luxembourg manufacturing operation.
 In announcing the agreement, Paul J. Powers, chairman, president and chief executive officer of Commercial Intertech Corp., said, "Licensing Geoyang furthers our corporate strategy of forming strategic alliances with leading companies possessing complementary technological or marketing strengths. Geoyang is already a well established steel fabricator and a successful Astron builder/dealer, having erected our structures in Kwang Yang, Pusan, and Chun An. The excellent reputation of Geoyang combined with its established physical presence in this area of the world represent major advantages in our efforts to continue the growth of Astron.
 "Astron historically has been successful in penetrating new geographical markets, designing steel buildings to meet or exceed nine different national and European design codes and nearly 20 different sets of building regulations. Astron structures can be found in the United Kingdom, Western and Eastern Europe, Scandinavia, North Africa, the Middle East, and Asia. We look forward to similar success in this emerging and dynamic market," Power said.
 Commercial Intertech Corp. employs nearly 4000 people in 32 facilities in 9 countries around the world. Worldwide sales in 1992 were $450.6 million.
 -0- 1/29/93
 /CONTACT: James C. Cartwright of Commercial Intertech, 216-746-8011/
 (TEC)


CO: Commercial Intertech Corp.; Astron Building Systems; Geoyang Dev. ST: Ohio IN: MAC CST SU: LIC

BM -- CL004 -- 0704 01/29/93 11:03 EST
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Date:Jan 29, 1993
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