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DALLAS-BASED SIERRA TECHNOLOGIES COMPLETES ACQUISITION OF AEROSPACE COMPANY

 DALLAS-BASED SIERRA TECHNOLOGIES COMPLETES
 ACQUISITION OF AEROSPACE COMPANY
 DALLAS, March 20 /PRNewswire/ -- Dallas-based Sierra Technologies, Inc. announced today it had completed its acquisition of the Sierra Research Division of The LTV Corporation. The announcement was made by James F. Gero, chairman and chief executive officer of Sierra Technologies.
 Sierra, based in Buffalo, N.Y., develops and manufactures electronic and avionic systems for aircraft upgrades and sophisticated equipment for the defense and commercial aerospace markets. The company has sales of approximately $100 million.
 Terms of the transaction were not announced.
 Sierra Technologies is owned by Gero; private investors Edward W. "Rusty" Rose, Marshall B. Payne and Ned N. Fleming III; Sierra management; and, employees of Cardinal Investment Company. Cardinal, the Dallas investment firm of Rose and Payne, assisted in the transaction and arranged financing with Manufacturers and Traders Trust Company of Buffalo.
 "We are excited to close this deal," said Gero. "Sierra is an outstanding company with excellent technology and products and a future that will give us many options. We will leverage our technology and move into commercial applications through internal research and development, joint ventures, acquisitions and strategic partnering."
 "We have been working with Jim Gero to find an investment that capitalizes on his management talents and experience in the electronics industry," noted Payne. "We are thrilled to be partners with him and the Sierra management team."
 Gero, an investor, is the former chairman and chief executive officer of Varo, Inc. and has been credited with the turnaround at the Garland, Texas, electronics manufacturer before its acquisition in 1988.
 Rose is the president and sole shareholder of Cardinal and serves as the co-managing partner of the Texas Rangers baseball team and chairman of New York-based Drew Industries.
 Payne, vice president of Cardinal, said in addition to maintaining a portfolio of publicly-traded stocks, he and Rose have significant interests in more than a dozen companies with annual revenues in excess of $350 million.
 The sale is part of LTV's announced plans to divest its aerospace and defense operations to hasten the company's emergence from Chapter 11. LTV received U.S. Bankruptcy Court approval for the sale last October.
 -0- 3/20/92
 /CONTACT: Andy Stern of Stern, Nathan & Perryman, 214-373-1601, for Sierra Technologies/
 (LTV) CO: Sierra Technologies, Inc.; Sierra Research Divisiom; LTV
 Corporation ST: Texas, New York IN: ARO SU: TNM


SH -- NY070 -- 0202 03/20/92 15:58 EST
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Publication:PR Newswire
Date:Mar 20, 1992
Words:400
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