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GWC CORPORATION TO SELL ITS IDI SHARES

 WILMINGTON, Del., Sept. 16 /PRNewswire/ -- GWC Corporation (NASDAQ-NMS: GWCC) announced that its board of directors today authorized the divestment of its 40 percent investment in the outstanding shares of Infilco Degremont, Inc. (IDI), a Richmond, Va.- based company whose principal activity is designing and supplying water and wastewater treatment equipment. The divestment will take place by a cash sale of the IDI shares owned by GWC to Lyonnaise American Holding, Inc. (LAH). LAH currently owns approximately 82 percent of GWC's outstanding common stock. The sale price for the shares is $8.4 million and was based on an appraisal of IDI by an independent investment banking firm. The transition is expected to result in an after-tax gain to GWC of approximately $3 million.
 GWC Corporation, headquartered in Wilmington, is a water and wastewater utility holding company that is also engaged in non-regulated activities. GWC's common shares are traded over-the-counter in the NASDAQ National Market System under the symbol "GWCC." The company has 11,066,600 common shares and 300,000 Series A preferred shares outstanding.
 -0- 9/16/93
 /CONTACT: Joseph V. Boyle, vice president and treasurer of General Waterworks Management and Service Company, 215-278-2965/
 (GWCC)


CO: GWC Corporation; Infilco Degremont, Inc.; Lyonnaise American
 Holding, Inc. ST: Delaware, Virginia IN: UTI SU:


CK -- NY013 -- 2568 09/16/93 09:20 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
Words:221
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