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DETROIT DIESEL CORPORATION ANNOUNCES INITIAL PUBLIC OFFERING OF COMMON STOCK

 DETROIT, Oct. 8 /PRNewswire/ -- Detroit Diesel Corporation announced today the initial public offering of 4,750,000 shares of common stock priced at $20 per share. The company's shares will be traded on the New York Stock Exchange under the symbol "DDC."
 Merrill Lynch & Co. is the lead underwriter for the offering along with Salomon Brothers Inc. and Wertheim Schroder & Co. Incorporated. A copy of the prospectus for the offering may be obtained from the underwriters.
 Proceeds to the company from the offering will be used to repay indebtedness, to reacquire a related remanufacturing business and to compensate Penske Corporation for various expenses not previously allocated to the company.
 Detroit Diesel Corporation is engaged in the design, manufacture, sale and service of heavy-duty diesel engines and engine parts. The company offers a complete line of diesel engines from five to 2,500 horsepower for the on-highway truck; coach and bus; construction and industrial (including mining); power generation; marine; and military markets.
 -0- 10/8/93
 /CONTACT: Beth Kapchonick of Detroit Diesel Corporation, 313-592-7642/
 (DDC)


CO: Detroit Diesel Corporation ST: Michigan IN: AUT SU: OFR

JG -- DE003 -- 0026 10/08/93 08:40 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
Words:193
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