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INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES THE COMPLETION OF THE SALE OF POLLUTION CONTROL SYSTEMS MANUFACTURING OPERATIONS

 INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES THE COMPLETION
 OF THE SALE OF POLLUTION CONTROL SYSTEMS MANUFACTURING OPERATIONS
 TORRANCE, Calif., May 15 /PRNewswire/ -- International Technology Corp. (IT) (NYSE: ITX) announced today the completion of the sale of the manufacturing-related operations of IT's Pollution Control Systems (PCS) division located in Tulsa, Okla., and Hull, England, to Koch Engineering Inc. (Koch). The sale did not include the division's process control engineering group in Knoxville, Tenn., and IT's Hybrid Thermal Treatment System(R) (HTTS(R)) technology.
 The company received approximately $21 million at closing (subject to certain post-closing adjustments) and Koch assumed approximately $2 million of
liabilities. The company retained certain assets, principally receivables and real property, and liabilities with an approximate net book value of $9 million at March 31, 1992. The transaction will be accounted for as discontinued operations. The gain, including the valuation of the net assets retained by the company, resulting from the sale will be included in the company's fourth quarter fiscal year 1992 results expected to be released by the end of next week. The proceeds from the sale will be used to reduce bank borrowings.
 "This divestiture of the manufacturing-related operations of PCS is consistent with IT's long-term strategic objectives of focusing on the expansion of our integrated services business, in the areas of environmental and process engineering, analytical and remediation," said Murray H. Hutchison, chairman and chief executive officer. "We intend to maintain a close relationship with Koch after the acquisition to provide IT equipment support related both to our thermal remediation business which utilizes the HTTS(R) technology as well as to our process control engineering group in Knoxville for their client requirements."
 International Technology Corp., based in Torrance, is a leading environmental management company providing services to government and industry. The company's common stock is traded on the New York Stock Exchange under the symbol ITX.
 -0- 5/15/92
 /CONTACT: Anthony J. DeLuca or Pat Boldt of International Technology, 310-378-9933/
 (ITX) CO: International Technology Corp.; Koch Engineering Inc. ST: California IN: SU: TNM


CH-JL -- LA035 -- 0905 05/15/92 16:05 EDT
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Publication:PR Newswire
Date:May 15, 1992
Words:347
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