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DURIRON TO RECOGNIZE 1992 CHARGES TO INCOME FOR ADOPTION OF SFAS 106 AND RESTRUCTURING

 DAYTON, Ohio, Dec. 22 /PRNewwire/ -- The Duriron Company, Inc. (NASDAQ: DURI) announced today that the early adoption of Statement of Financial Accounting Standard No. 106 (SFAS 106) covering non-pension, post retirement benefits and the implementation of a restructuring program will result inan estimated total charge to this year's after-tax earnings of $25.8 million ($40.4 million pre-tax), or $2.03 per share. As a consequence, Duriron will report a loss for the full year 1992. Neither occurrence will have an impact on cash flow.
 SFAS 106 requires employers to accrue the cost of post retirement benefits, most notably medical benefits, over the working lifetimes of employees rather than as incurred on a cash basis. This requires the recognition of a one-time, non-recurring "transition obligation" of previously unfunded and unaccrued costs. Duriron will immediately recognize the transition obligation of approximately $21.0 million after-tax ($32.9 million pre-tax), or $1.66 per share, retroactive to January 1, 1992. In addition, quarterly results for this year will be restated to reflect the impact of an ongoing expense accrual which is expected to be approximately $1.0 million after-tax ($1.5 million pre- tax), or $0.07 per share for the year.
 The restructuring program will result in an estimated one-time charge of $3.8 million after-tax ($6.0 million pre-tax), or $0.30 per share. The charge will cover the closing or write-down of certain underutilized assets as well as expenses associated with the reassignment and relocation of personnel throughout the global organization.
 According to Chairman and Chief Executive Officer, John S. Haddick, the restructuring will have positive, long-term effects for the company despite the immediate impact on current earnings. "There are times when you must prune to grow. These moves are designed to allow us to take further advantage of our acquisition, divestiture and new product programs. We'll also be more cost effective and more productive with the anticipated future payback of greater value and profitability for our shareholders," he said. He further pointed out that, "The financial strength of the Company is in no way diminished by the restructuring and adoption of SFAS 106. We have the financial wherewithal to aggressively respond to growth opportunities that may present themselves."
 The Duriron Company is a worldwide leader in the design, manufacture and sale of process equipment. Its valves and valve automation devices, pumps and filtration equipment can be found wherever corrosives are handled, processed and contained.
 -0- 12/22/92
 /CONTACT: The Duriron Company, Inc., World Headquarters, 513-476-6150/
 (DURI)


CO: The Duriron Company ST: Ohio IN: SU: RCN

BM -- CL014 -- 9322 12/22/92 17:43 EST
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Date:Dec 22, 1992
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