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ELECTROGLAS, INC. FILES REGISTRATION STATEMENT FOR INITIAL PUBLIC OFFERING OF COMMON STOCK OF ELECTROGLAS UNIT

 STAMFORD, Conn., May 6 /PRNewswire/ -- General Signal Corporation (NYSE: GSX) announced today that its Electroglas, Inc. subsidiary has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of 6,200,000 shares of its common stock. All of the shares will be sold by General Signal. Electroglas will not receive any of the proceeds of the offering. The public offering price is currently anticipated to be between $13.00 and $15.00 a share.
 Of the shares proposed to be sold in the public offering, 4,960,000 shares will be offered in the United States by an underwriting group managed by Lehman Brothers; Bear, Stearns & Co. Inc.; and Needham & Company, Inc. and 1,240,000 shares will be offered outside of the United States by an international investment banking syndicate managed by Lehman Brothers International; Bear, Stearns International Limited; and Needham & Company, Inc. General Signal has also granted the underwriters an overallotment option for a total of 600,000 additional shares.
 This announcement follows General Signal's recent decision to divest all of its semiconductor equipment operations, which was announced Jan. 14, 1993. Since that time, General Signal has completed the sale of its Ultratech Stepper unit to the unit's management and announced that it has signed a letter of intent to sell its Assembly Technologies unit.
 Electroglas, headquartered in Santa Clara, Calif., is a leader in the development, manufacture, marketing, and servicing of automatic wafer probing equipment for use in the fabrication of semiconductor devices. General Signal Corporation, with 1992 sales of $1.6 billion, is a leading manufacturer of instruments and equipment for the process control, electrical, and industrial technology industries.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A preliminary prospectus relating to these securities may be obtained from Lehman Brothers, 250 West Street, New York, NY 10013, Attn: Prospectus Department; Bear, Stearns & Co. Inc., One Metrotech Center, Brooklyn, NY 11201, Attn: Prospectus Department; or Needham & Company, Inc., 400 Park Avenue, New York, NY 10022, Attn: Prospectus Department.
 -0- 5/6/93
 /CONTACT: Stephen W. Nagy of General Signal, 203-329-4303/
 (GSX)


CO: General Signal Corporation; Electroglas, Inc. ST: Connecticut, California IN: CPR SU: OFR

SM -- NY094 -- 5549 05/06/93 14:45 EDT
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Publication:PR Newswire
Date:May 6, 1993
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