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CYCLOPS INDUSTRIES STOCKHOLDERS APPROVE ACQUISITION BY ARMCO INC.

CYCLOPS INDUSTRIES STOCKHOLDERS APPROVE ACQUISITION BY ARMCO INC.
 PITTSBURGH, Pa., April 23 /PRNewswire/ -- Stockholders of Cyclops Industries, Inc. (NYSE: CYC), at a special meeting here, today overwhelmingly voted to approve the acquisition of the company by Armco Inc. (NYSE: AS) of Parsippany, N.J.
 Armco stockholders are scheduled to vote on the transaction tomorrow at Armco's annual meeting in Parsippany.
 The companies said they expect to consummate the acquisition tomorrow, assuming Armco shareholder approval is obtained.
 Armco and Cyclops in September announced a definitive agreement to merge Cyclops with a wholly owned subsidiary of Armco.
 Armco Inc. produces stainless and electrical steels and grinding media for the mineral processing industry. Through joint ventures, the company also produces coated and high strength carbon flat-rolled steels and oilfield machinery and equipment. Revenues in 1991 were $1.6 billion.
 Cyclops Industries, Inc., headquartered here, is a producer of flat- rolled stainless and carbon steel, high performance alloy products and tubular steel products. It also manufactures and erects metal panels and curtain wall for nonresidential buildings. Revenues in 1991 were $1.1 billion.
 -0- 4/23/92
 /CONTACT: Edward M. Romanoff of Cyclops Industries, 412-571-6331/
 (CYC AS) CO: Cyclops Industries, Inc.; Armco Inc. ST: Pennsylvania, New Jersey IN: MNG SU: TNM


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Publication:PR Newswire
Date:Apr 23, 1992
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