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LSB INDUSTRIES, INC. ANNOUNCES $49 MILLION LETTER OF INTENT WITH POLISH CUSTOMER

 OKLAHOMA CITY, Sept. 8 /PRNewswire/ -- LSB Industries, Inc. (AMEX: LSB)("LSB") announced today that its subsidiary, ClimateMaster, has signed a letter of intent to supply a customer in Poland with equipment to manufacture environmental control products. The letter of intent is subject to the execution of a definitive agreement between the parties.
 Jack E. Golsen, board chairman, stated that if a definitive agreement is completed, the LSB subsidiary will be supplying the foreign customer with licenses, designs, tooling, machinery, equipment, technical information, proprietary know-how, and technical services. This transaction will be for a total sales price of approximately $49 million. Golsen further stated that the subsidiary of LSB has agreed that, in lieu of cash, it will take payment in kind of anhydrous ammonia (NII3) from the foreign customer at the foreign customers option. LSB's Chemical Business is a major user of anhydrous ammonia. If a definitive agreement is consummated, revenues from this project are expected to be realized in 1994 and 1995. It is anticipated that a definitive agreement will be finalized during 1993.
 Golsen stated that the letter of intent with the Polish customer is in addition to a previously announced letter of intent with a customer in the former Soviet Union. He further commented that the letter of intent with the customer in the former Soviet Union was still valid, but that the negotiations as to a definitive agreement in connection with that letter of intent have not progressed as fast as anticipated. He also cautioned that there is no assurance that definitive agreements will be reached on either of these projects.
 LSB is a diversified company engaged in a variety of manufacturing, engineering, marketing and financial service activities on a worldwide basis. LSB's principal business activities consist of the manufacture and sale of chemical products for the explosives, agricultural and industrial markets, commercial and residential air conditioning products, automotive and industrial products and the financial services business. LSB's common stock is listed for trading on the American Stock Exchange.
 -0- 9/8/93
 /CONTACT: Tony M. Shelby, chief financial officer of LSB Industries, Inc., 405-235-4546/
 (LSB)


CO: LSB Industries, Inc. ST: Oklahoma IN: CHM SU:

PS -- NY058 -- 9847 09/08/93 13:04 EDT
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Publication:PR Newswire
Date:Sep 8, 1993
Words:368
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