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GTE CLOSES PREVIOUSLY ANNOUNCED SALES OF WORLDWIDE LIGHTING BUSINESSES

 STAMFORD, Conn., Jan. 29 /PRNewswire/ -- GTE Corp. (NYSE: GTE) today said it has closed the previously announced sales of its North American Lighting business to OSRAM (a Siemens company) and its International Lighting business to a consortium of international investors. GTE also said the sale of its Valenite business is expected to close on Feb. 1. The proceeds from these sales are expected to total approximately $1.2 billion (U.S.) including the assumption of debt.
 GTE's North American Lighting business includes operations in the United States, Canada and Puerto Rico, and its International Lighting business includes operations in Europe, the Far East, Latin America and Australia. GTE's Valenite business includes operations in the United States and nine foreign countries.
 Proceeds from the sales will be used to retire high-coupon debt. As a result of these transactions, GTE's fourth-quarter 1992 results will include after-tax charges totaling $100 million, including an extraordinary charge of $52 million resulting from the early retirement of debt and a $48 million charge associated with the sale of the Electrical Products Group, which has been accounted for as a discontinued operation.
 GTE said that excluding these charges and the previously announced impact of adopting new accounting rules, its 1992 earnings from continuing operations are expected to be in line with analysts' estimates. The company added that the retirement of high-coupon debt represents the most effective and economic use of the sales' proceeds, as future interest savings will significantly exceed the one-time extraordinary charge.
 GTE is the fourth-largest publicly owned telecommunications company in the world.
 -0- 1/29/93
 /CONTACT: Harvey W. Greisman, 203-965-2903 (After 6 p.m., 203-226-7661); on the Washington, D.C. leg only the contact is Julia Spicer, 202-463-5206 (After 6 p.m., 202-797-0715)/
 (GTE)


CO: GTE Corp.; OSRAM ST: Connecticut IN: TLS SU:

SH -- NY077 -- 0903 01/29/93 16:06 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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