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GUARDSMAN PRODUCTS DECLARES DIVIDEND, RE-ELECTS DIRECTORS, CONTINUES EMPLOYEE STOCK PURCHASE PLAN, APPROVES AMENDMENTS TO STOCK OPTION PLAN

GUARDSMAN PRODUCTS DECLARES DIVIDEND, RE-ELECTS DIRECTORS, CONTINUES EMPLOYEE STOCK PURCHASE PLAN, APPROVES AMENDMENTS TO STOCK OPTION PLAN
 GRAND RAPIDS, Mich., May 14 /PRNewswire/ -- The directors of Guardsman Products, Inc. (NYSE: GPI) today declared the regular second- quarter cash dividend of $.125 per share, payable June 18, 1992, to shareowners of record June 4, 1992. This continues the company's 75th consecutive year of cash dividends.
 At the May 14, 1992, Annual Meeting of Shareowners, the following were elected to the board of directors for three-year terms, expiring at the Annual Meeting of Shareowners in 1995: K. Kevin Hepp, George R. Kempton and John C. Suerth.
 In addition, the shareowners voted to continue the company's Employee Stock Purchase Plan and to approve amendments made to the 1984 Incentive Stock Option Plan.
 During the meeting, Edward D. Corlett, corporate vice president and chief financial officer, stated that management had completed its analysis of the impact of the new accounting rules for post-retirement benefits other than pensions. He further indicated that the new accounting rules would not have a material effect on the company's financial condition or ongoing financial performance.
 Guardsman Products, Inc. is a producer of custom industrial coatings and diversified consumer products.
 -0- 5/14/92
 /CONTACT: Edward D. Corlett of Guardsman Products, Inc., 616-957-2600/
 (GPI) CO: Guardsman Products, Inc. ST: Michigan IN: SU: DIV PER


SM -- DE026 -- 0324 05/14/92 14:38 EDT
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Publication:PR Newswire
Date:May 14, 1992
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