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DELCO CHASSIS DIVISION SIGNS LETTER OF INTENT TO SELL MACHINE CONTROL SYSTEMS UNIT TO DAYTON-PHOENIX GROUP

 DELCO CHASSIS DIVISION SIGNS LETTER OF INTENT
 TO SELL MACHINE CONTROL SYSTEMS UNIT TO DAYTON-PHOENIX GROUP
 DAYTON, Ohio, Aug. 19 /PRNewswire/ -- Delco Chassis Division of the General Motors Corporation (NYSE: GM) announced today that it has signed a letter of intent to sell its Machine Control Systems business unit (MCS) to the Dayton-Phoenix Group, a group of local investors comprised of management of the operations. The agreement signed today provides the Dayton-Phoenix Group with the opportunity to acquire the Kuntz Road manufacturing facilities and business assets. Currently, 10 salaried and 140 hourly workers are employed at MCS.
 In February of this year, GM Chairman Robert Stempel announced the potential closure of MCS but left open the opportunity for a sale of the business. Agreement in principle for such a sale was reached today following a period of intense negotiations between Delco Chassis and Dayton-Phoenix Group.
 A related agreement between the Dayton-Phoenix Group and the Lincoln Electric Company will provide the Cleveland-based company with the subsequent opportunity to acquire the assets related to the industrial motor portion of the business. The Kuntz Road facility and the locomotive business assets will be managed by the Dayton-Phoenix Group.
 Delco Chassis Division general manager, George G. Johnston, said, "This agreement signals the end of many months of intense negotiations which achieved three goals -- to care for the MCS employes, to provide continuing employment opportunities in the Dayton area, and to concentrate GM resources on our core automotive business. I am pleased to announce that we have accomplished all three objectives."
 -0- 8/19/92
 /CONTACT: Charles W. Kronbach of Delco Chassis Division GMC, 513-455-7483; Richard S. Sabo of Lincoln Electric Co., 216-383-2126; or Gale A. Kooken of Dayton-Phoenix Group, 513-455-9055/
 (GM) CO: Delco Chassis Division GMC; Dayton-Phoenix Group;
 Lincoln Electric Company ST: Ohio IN: AUT SU: TNM


SM-ML -- DE017 -- 1423 08/19/92 15:02 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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