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IMO SELLS ITS AEROSPACE DIVISIONS

 LAWRENCEVILLE, N.J., July 15 /PRNewswire/ -- Imo Industries Inc. (NYSE: IMD) announced today that it has entered into a definitive agreement to sell, for cash, its four aerospace divisions to an affiliate of Kelso & Company, Inc.
 Closing of the sale is expected to occur by the end of the third quarter.
 This sale is part of the asset divestiture program announced by Imo in the latter part of 1992, proceeds of which will be used primarily to pay down senior debt in accordance with terms of the company's restructured credit facility.
 The four divisions involved, Adel Fasteners, Aeroproducts, Controlex and Wiggins Connectors, had combined revenue in 1992 of approximately $60 million. Adel, based in Huntington, W.Va., manufactures cushioned and bare metal clamps. Aeroproducts, of Cleveland, makes pumps, check valves, compressors/dehydrators and other custom products. Controlex, located in Croton Falls, N.Y., produces primarily sliding and ball- bearing control cables. Wiggins, in Los Angeles, is a leading producer of fuel line connectors and quick disconnect couplings.
 Kelso, headquartered in New York City, specializes in leveraged buyouts. The firm makes equity investments on behalf of investment partnerships which it manages, and since 1980 Kelso has acquired more than 40 companies requiring total capital of more than $8 billion.
 Imo, with 1992 sales of $928 million, supplies analytical and optical instruments, electronic and mechanical controls, engineered power products and their support services to industrial and defense customers worldwide.
 /delval/
 -0- 7/15/93
 /CONTACT: Paul B. Lazovick, director of Investor Relations of Imo Industries, 609-896-7615/
 (IMD)


CO: Imo Industries Inc.; Kelso & Company, Inc. ST: New Jersey, New York IN: ARO SU: TNM

MK -- PH023 -- 1936 07/15/93 12:04 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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