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KEENE'S REINHOLD INDUSTRIES SUBSIDIARY AGREES IN PRINCIPLE TO ACQUIRE REYNOLDS AND TAYLOR

 KEENE'S REINHOLD INDUSTRIES SUBSIDIARY AGREES
 IN PRINCIPLE TO ACQUIRE REYNOLDS AND TAYLOR
 NEW YORK, Jan. 30 /PRNewswire/ -- Michael T. Furry, president of Reinhold Industries, Inc., a subsidiary of Keene Corporation (NASDAQ: KEEN), today announced that Keene Corporation had filed a current report on Form 8-K with the Securities and Exchange Commission to report that Reinhold had reached an agreement in principle with Furon Company to acquire 100 percent of the outstanding common stock of Reynolds and Taylor, Inc. of Santa Ana, Calif. for an undisclosed amount. The closing is conditioned on a satisfactory due diligence review, the approval of the boards of directors of both Reinhold and Furon, and the execution by both companies of a definitive stock purchase agreement containing customary representations, warranties, terms and conditions.
 Both Reinhold and Reynolds and Taylor are custom manufacturers of heat-absorbing composites, sheet molding compounds and structural composite components for a variety of aerospace, defense and commercial applications.
 -0- 1/30/92
 /CONTACT: Michael Furry of Reinhold, 213-944-3281/
 (KEEN) CO: Reinhold Industries, Inc.; Keene Corporation; Reynolds and Taylor,
 Inc. ST: California, New York IN: ARO SU: TNM


SM-JT -- NY123 -- 5501 01/30/92 17:23 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:193
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