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LARIZZA INDUSTRIES, INC. ANNOUNCES TERMINATION OF NEGOTIATIONS TO ACQUIRE ANDOVER INDUSTRIES

 TROY, Mich., Oct. 20 /PRNewswire/ -- Larizza Industries, Inc. (AMEX: LII), an original equipment supplier to the automotive industry, announced today that negotiations to acquire Andover Industries and to convert approximately $54 million of principal and accrued interest ("Bank Debt") into 41.5 percent of the common stock of the combined companies have terminated. The Company previously announced that it had signed an agreement in principle with Andover and a non-binding letter of intent with its Banks.
 The Company's Banks retain the right to convert the Bank Debt into 37.5 percent of the common stock of Larizza Industries, Inc. The principal of the Bank Debt accrues interest at 8.7 percent and requires no payments of principal or interest until December 1998.
 According to Ronald T. Larizza, President and Chief Executive Officer of Larizza Industries, Inc., "Larizza Industries and Andover were unable to negotiate a definitive agreement within the necessary time constraints, however, Larizza Industries continues to enjoy record results."
 -0- 10/20/93
 /CONTACT: Terence C. Seikel, chief financial officer of Larizza Industries, 313-689-5800/
 (LII)


CO: Larizza Industries, Inc.; Andover Industries ST: Michigan IN: AUT SU:

SM -- DE002 -- 4427 10/20/93 09:24 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:196
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