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Chrysler Announces Agreement to Sell Pentastar Electronics

AUBURN HILLS, Mich., Nov. 25 /PRNewswire/ -- Chrysler Corporation (NYSE: C) today announced that it has entered into an agreement to sell Pentastar Electronics, Inc., a subsidiary that produces automatic test equipment for military applications, to PEI Acquisition Corporation, a private investor group in Huntsville, Alabama.

The terms of the sale agreement were not announced. Closing of the transaction is expected to occur within 60 days and is subject to customary conditions.

Pentastar Electronics, based in Huntsville, Alabama, has approximately 350 employees and approximate revenues of $50 million in 1995.

Two former subsidiaries of Chrysler Technologies Corporation, Electrospace Systems, Inc., a defense electronics unit, and Chrysler Technologies Airborne Systems, Inc., an airborne system unit, were sold to E-Systems, Inc., a subsidiary of Raytheon Company, in June 1996.

Upon closing the sale of Pentastar Electronics, Chrysler will have completed its goal to divest all its aerospace and defense business, in accordance with its commitment to focus on its core automotive business.

SOURCE Chrysler Corporation
 -0- 11/25/96


/EDITORS' ADVISORY: ON THE INTERNET: Visit Chrysler's Media Relations Web Site at http://www.media.chrysler.com for additional Chrysler news./

/CONTACT: Lori McTavish of Chrysler, 810-512-2666/

(C)

CO: Chrysler Corporation; Pentastar Electronics, Inc.; PEI Acquisition

Corporation ST: Michigan, Alabama IN: AUT ARO SU: TNM

AM -- DEM026 -- 3830 11/25/96 14:12 EST http://www.prnewswire.com
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Date:Nov 25, 1996
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