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HARNISCHFEGER INDUSTRIES, INC. SHARE REPURCHASE

 MILWAUKEE, April 22 /PRNewswire/ -- Harnischfeger Industries, Inc. (NYSE: HPH) announced today that a preliminary count by its depositary managing the "Dutch Auction" tender offer indicates that the offer is oversubscribed. The cash self-tender offer was announced on March 24, and expired at 5 p.m. (New York time) April 21, 1993.
 The company said that it intends to purchase at least 2.5 million shares, approximately 9 percent of common shares outstanding, and that it will announce the price at which it will purchase shares tendered as soon as information is available from the depositary.
 Harnischfeger announced the self-tender offer in conjunction with the establishment of the Harnischfeger Industries, Inc. Stock Employee Compensation Trust. Shares acquired by the company will be immediately resold to the trust, which will use them to provide future employee benefits under existing plans. Under provisions of the self-tender offer, each Harnischfeger Industries, Inc. common shareholder was invited to tender shares at prices specified by the shareholder, ranging from $17 to $20 per share.
 Harnischfeger Industries is a diversified international holding company that operates four subsidiaries involved in: papermaking machinery manufacturing (Beloit Corporation); surface mining and overhead material handling equipment manufacturing (Harnischfeger Corporation); and systems integration services (Harnischfeger Engineers, Inc. and Syscon Corporation).
 -0- 4/22/93
 /CONTACT: Francis M. Corby, Jr., senior vice president, finance and chief financial officer of Harnischfeger Industries, Inc., 414-797-6518/
 (HPH)


CO: Harnischfeger Industries, Inc. ST: Wisconsin IN: SU:

SH-LR -- NY024 -- 9247 04/22/93 09:39 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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