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GREENFIELD INDUSTRIES ACQUIRES A-1 CARBIDE

 AUGUSTA, Ga., Dec. 10 /PRNewswire/ -- Greenfield Industries, Inc. (NASDAQ: GFII), today announced that its Rogers Tool Works ("RTW") subsidiary has acquired A-1 Carbide of Placentia, Calif. Terms of the transaction were not disclosed.
 Greenfield Industries, with $215 million in 1992 sales, is the leading North American producer of rotary cutting tools and related expendable items. Its RTW subsidiary manufactures tungsten carbide cutting tools and wear parts, including carbide products for the oil and gas industry.
 A-1 Carbide, with sales of approximately $8.8 million for the fiscal year ended may 1993, is a leading producer of valve components, chokes, and wear parts for the oil and gas and process equipment industries.
 Paul Jones, president and chief executive officer of Greenfield Industries, said: "This transaction is very much in keeping with our strategy of adding complementary companies in each of our four business segments. The addition of A-1 Carbide will enhance our competitive advantage in the oil and gas drilling industry, which is an important and growing part of our business."
 Mr. Jones added: "We are very pleased to be joining forces with the people who have made A-1 Carbide Successful. Russ Benedikt will continue to run the business, and together we plan to expand sales and production capacity. We promise all our customers the high quality and superior service they've come to expect."
 Greenfield Industries, based in Augusta, is a leading manufacturer worldwide of expendable cutting tools for use by industry, in oil and gas drilling, electronic applications and by consumers.
 -0- 12/10/93
 /CONTACT: Gary L. Weller, chief financial officer, 706-650-4218, or Paul W. Jones, president and CEO, 706-650-4222, both of Greenfield Industries, Inc./
 (GFII)


CO: Greenfield Industries, Inc.; A-1 Carbide ST: Georgia, California IN: SU: TNM

MP-TW -- NY018 -- 2546 12/10/93 10:28 EST
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Publication:PR Newswire
Date:Dec 10, 1993
Words:298
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