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DRESSER TO SELL ITS SHARE OF WESTERN ATLAS INTERNATIONAL FOR $558 MILLION

 DALLAS, Dec. 8 /PRNewswire/ -- Dresser Industries, Inc. (NYSE: DI) today announced that it has agreed to sell its 29.5 percent interest in Western Atlas International to Litton Industries for $558 million. Western Atlas International was established in May 1987 when Litton's Western Geophysical Division and Dresser's Atlas Wireline division were merged.
 Dresser Chairman and CEO John J. Murphy commenting on the agreement noted that, "The sale of our minority interest in Western Atlas enables Dresser shareowners to realize the significant value that had been created by the joint venture. Both Dresser and Litton can now pursue the strategies they consider to be in their best interests. The transaction not only provides Dresser with a substantial profit, it also gives us greater liquidity and flexibility in a period of continuing consolidation and change in the oilfield service sector."
 Dresser expects to record an after-tax gain on the sale of its interest in Western Atlas of approximately $150 million. The gain will be recognized at the time the sale is completed. The closing is scheduled for the first quarter of fiscal 1994.
 For Western Atlas' fiscal year ended June 30, 1993, Dresser's share of after-tax operating profits was $24.5 million.
 Headquartered in Dallas, Dresser is a leading supplier of highly engineered products and services utilized in hydrocarbon energy-related activities throughout the world.
 -0- 12/8/93
 /CONTACT: Donald R. Galletly of Dresser Industries, 214-740-6757/
 (DI)


CO: Dresser Industries, Inc.; Atlas International; Litton Industries ST: Texas IN: SU:

SH -- NY086 -- 1858 12/08/93 14:59 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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