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GTE CLOSES PREVIOUSLY ANNOUNCED SALE OF VALENITE CORP. TO CINCINNATI MILACRON

 STAMFORD, Conn., Feb. 1 /PRNewswire/ -- GTE Corp. today said it has closed the previously announced sale of its Valenite Corp. unit to Cincinnati Milacron Inc. for about $80 million in cash and assumed debt.
 The sale was part of a GTE corporate strategy announced in Sept. 1991 to focus its strategies and resources on telecommunications.
 Valenite is one of the world's leading producers of industrial metalcutting products such as carbide inserts, special and standard tooling systems, and gaging products.
 Cincinnati Milacron, headquartered in Cincinnati, is a world leader in advanced-manufacturing technologies for the metalworking and plastics-processing industries.
 GTE is the fourth-largest publicly owned telecommunications company in the world, with approximately $20 billion in revenues in 1991.
 -0- 2/1/93
 /CONTACT: Harvey W. Greisman, 203-965-2903, or after 6 p.m., 203-226-7661, or Tony Hamilton, 203-965-2853, or after 6 p.m., 203-327-2162/
 (GTE CMZ)


CO: GTE Corp.; Valenite Corp.; Cincinnati Milacron Inc. ST: Connecticut, Ohio IN: SU: TNM

SM -- NY100 -- 6646 02/01/93 16:16 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:166
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