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CORE INDUSTRIES INC ANNOUNCES SALE OF ANILAM

 CORE INDUSTRIES INC ANNOUNCES SALE OF ANILAM
 BLOOMFIELD HILLS, Mich., Sept. 11 /PRNewswire/ -- David R. Zimmer,


president and CEO of Core Industries Inc, announced today that the company has signed a preliminary agreement to sell Anilam Electronics, one of its subsidiaries, to Grossenbacher Electronik AG. Anilam Electronics designs and manufactures digital readouts and electronic controls for machine tools and other industrial applications. Grossenbacher Electronik AG, a Swiss manufacturer of industrial electronics including machine tool controls and digital readouts, will acquire the principal product capabilities and operations of Anilam including those in Europe and Hong Kong.
 While the agreement with Grossenbacher excludes Anilam's line of machine tools, Grossenbacher will provide ongoing servicing of all products, including machine tools. Lawrence J. Murphy, executive vice president of Core, stated that Anilam will produce machine tools while efforts to sell this portion of the business continue independent of the agreement with Grossenbacher.
 Zimmer stated that Anilam Electronics is one of three companies being divested by Core Industries Inc as part of a major restructuring program announced March 27, 1992. Operations of the other two companies, FlexStar and Hilton Industries, have been discontinued, and most assets and product lines have been sold. Zimmer commented that these divestitures will lessen the company's dependency on the cyclical machine tool and disk-drive test equipment markets while allowing the company to redeploy investments into areas with greater strategic potential. Adequate reserves were recorded in the company's second quarter ended Feb. 29, 1992, in anticipation of the financial effect of the divestitures.
 Core Industries Inc is a diversified manufacturer of specialty products for three basic industries: electronics, farm equipment, and fluid controls and construction products.
 -0- 9/11/92
 /CONTACT: David R. Zimmer or Lawrence J. Murphy of Core Industries Inc, 313-642-3400/
 (CRI) CO: Core Industries Inc; Anilam Electronics;
 Grossenbacher Electronik AG ST: Michigan IN: SU: TNM


SM -- DE028 -- 8582 09/11/92 15:49 EDT
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Publication:PR Newswire
Date:Sep 11, 1992
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