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LOCKHEED, OLIN AND BABCOCK & WILCOX ANNOUNCE CREATION OF CORPORATION TO IMPLEMENT WEAPONS SYSTEMS DISMANTLEMENT, OTHER RELATED ACTIVITIES

LOCKHEED, OLIN AND BABCOCK & WILCOX ANNOUNCE CREATION OF CORPORATION TO IMPLEMENT WEAPONS SYSTEMS DISMANTLEMENT, OTHER RELATED ACTIVITIES
 WASHINGTON, Jan. 30 /PRNewswire/ -- Three major U.S. corporations -- Lockheed (NYSE: LK), Olin (NYSE: OLN) and Babcock & Wilcox, an operating unit of McDermott International Inc. (NYSE: MDR) -- today announced the creation of a new jointly owned corporation to plan, manage and implement major weapons systems dismantlement and destruction related activities. The new company is registered as the International Disarmament Corporation.
 By creating the new organization, the three corporations, all major participants in the U.S. defense industry, have demonstrated their intent to participate in the planning and implementation of the major disarmament initiatives either already approved or currently under discussion between the U.S. and the Commonwealth of Independent States, formerly the Soviet Union. The new corporation brings to the disarmament arena a unique combination of technical capabilities that has not been available through a single organization before in the United States. Olin Ordnance, a division of Olin Corporation, brings 100 years of experience in high explosives and ammunition production, handling and storage, and demilitarization of high explosives and chemical munitions. Babcock & Wilcox has for three decades been a leader in the field of nuclear component manufacturing and assembly, special nuclear materials processing and accountability and nuclear systems support. The Lockheed Corporation brings a long history of systems integration and management of high-technology programs, such as the Navy's Fleet Ballistic Missile Program and the F-117 Stealth fighter aircraft, as well as senior people with direct experience in nuclear weapons development and system integration.
 Troy E. Wade II has been selected as president and chief operating officer of the International Disarmament Corporation. Wade brings to the new venture over 30 years of direct experience in the U.S. nuclear weapons' program, including participation in international treaty verification and other aspects of U.S. defense and weapons policies. Wade reports to a board of directors made up of representatives of the three parent corporations.
 In announcing the formation of the International Disarmament Corporation, Wade made the following statement: "The International Disarmament Corporation combines unique capabilities of three major U.S. corporations in a way that will provide enormous flexibility in dealing with planning, management and implementing of international disarmament activities. Whether one is talking about legislation like the Soviet Nuclear Threat Reduction Act of 1991, aiding fellow scientists, actual dismantlement of nuclear weapons or planning for the demilitarization of chemical munitions, this new corporation can bring more expertise to bear on the problem, in a more timely fashion, than any capability now available to the U.S. government, Congress or the Commonwealth of Independent States."
 -0- 1/30/92
 /CONTACT: Bill Lynch of the International Disarmament Corporation, 202-833-8838/
 (LK OLN MDR) CO: International Disarmament Corporation; Lockheed Corporation;
 Olin Corporation; Babcock & Wilcox; McDermott International
 Inc. ST: District of Columbia IN: ARO SU: JVN


MH -- DC019 -- 5296 01/30/92 13:38 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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