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KYSOR INDUSTRIAL CORPORATION ANNOUNCES COGENERATION FINANCIAL CLOSING

KYSOR INDUSTRIAL CORPORATION ANNOUNCES COGENERATION FINANCIAL CLOSING
 CADILLAC, Mich., Jan. 13 /PRNewswire/ -- Kysor Industrial Corporation (NYSE: KZ) announced today that Beaver Michigan Associates, of which it is a limited partner, has obtained financing from General Electric Capital Corporation for its planned $58 million wood-fired cogeneration plant in Cadillac.
 Company officials stated that Kysor has been actively investigating the cogeneration project as a possible innovative solution to a 30-year- old area-wide groundwater contamination problem. The Cadillac site has been designated by the U.S. Environmental Projection Agency as a "superfund" site, with Kysor named as one of the nine potentially responsible parties. The EPA estimated the cost of cleanup at this site to be $16 million.
 George R. Kempton, chairman and chief executive of Kysor, stated that the cogeneration project is an excellent example of private industry and local government working hand-in-hand to address community concerns. In that regard, the City of Cadillac, also a partner in the project, has established a Local Development Financing Authority which will use taxes generated from the project to service industrial revenue bonds to be issued to pay the capital costs to build the groundwater cleanup facility. It is anticipated that assessments for operating and maintenance costs of the cleanup facility will be shared primarily by the potential responsible parties and other beneficiaries within the industrial park.
 Company officials noted that Beaver-Cadillac G.P., Inc. of Bangor, Maine, the project's general partner, indicated that groundbreaking on the cogeneration facility could begin by early 1992, with the facility becoming operational by late 1993.
 Pending finalization of the cogeneration project, the company stated that it will continue the ongoing design work for the site cleanup pursuant to a work plan previously approved by the U.S. Environmental Protection Agency.
 Kysor Industrial Corporation is a quality producer of heavy-duty vehicle and marine components, refrigerated display cases and refrigerated building systems serving the transportation and supermarket industries. The company has manufacturing operations in six states as well as Great Britain and Germany.
 -0- 1/13/92
 /CONTACT: David W. Crooks, Peter W. Gravelle or Richard G. DeBoer of Kysor Industrial, 616-779-2200/
 (KZ) CO: Kysor Industrial Corporation; Beaver Michigan Associates ST: Michigan IN: SU:


ML-SB -- DE011 -- 9153 01/13/92 14:38 EST
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Publication:PR Newswire
Date:Jan 13, 1992
Words:373
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