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GENERAL CABLE AND ROWAN COMPANIES EXECUTE DEFINITIVE AGREEMENT FOR SALE OF MARATHON LeTOURNEAU

 HIGHLAND HEIGHTS, Ky., and HOUSTON, Nov. 12 /PRNewswire/ -- General Cable Corporation (NASDAQ: GENC) and Rowan Companies, Inc. (NYSE: RDC) announced today that they have executed a definitive agreement for the purchase by Rowan of the net assets of General Cable's Marathon LeTourneau Company subsidiary. The purchase consideration consists of $50 million in cash and notes, subject to adjustment, and the assumption of certain liabilities. Twenty percent of the purchase price is payable in cash with the balance payable five years following the closing date. Consummation of the asset purchase is subject to regulatory filings and certain other conditions and the parties anticipate that a closing of the transaction would occur in the first quarter of 1994.
 General Cable separately reported that, as a result of an understanding with The Penn Central Corporation (NYSE: PC), it intends to apply all of the proceeds of the transaction to prepayment of subordinated debt due to Penn Central.
 General Cable manufactures and markets electrical, electronic and telecommunications wire and cable for the construction, consumer, automotive, original equipment manufacturer, and telecommunications markets. Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling and helicopter services. Rowan's common stock is traded on the New York Stock Exchange and the Pacific Stock Exchange. Common stock trading symbol: RDC.
 -0- 11/12/93
 /CONTACT: Robert J. Siverd, senior vice president, of General Cable, 606-572-8890/
 (GENC RDC)


CO: General Cable Corporation; Rowan Companies, Inc. ST: Kentucky, Texas IN: SU:

BM-AR -- CL002 -- 3784 11/12/93 15:01 EST
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Publication:PR Newswire
Date:Nov 12, 1993
Words:253
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