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LSB INDUSTRIES, INC. ANNOUNCES ACQUISITION OF AUSTRALIAN EXPLOSIVES BUSINESS AND EXPECTED SETTLEMENT OF LONG PENDING CUSTOMS DISPUTE

 OKLAHOMA CITY, June 25 /PRNewswire/ -- LSB Industries, Inc. (AMEX: LSB) announced today that it has agreed to acquire an Australian explosives business, Total Energy Systems Limited (TES). Finalization of the acquisition of TES is subject to Australian court approval by the Australian Foreign Investment Review Board. LSB believes that it will receive both of these approvals within four weeks. The LSB investment in TES is expected to total approximately $4.3 million United States currency. TES' annual sales in 1992 were approximately $15 million United States currency.
 TES' executive offices are located in Brisbane, Queensland, Australia. TES has three manufacturing and distribution facilities, serving the Australian coal, iron and gold mining industries. TES will utilize certain LSB proprietary explosive technology and other explosive technology. LSB's Chemical Business is presently a major supplier in the United States commercial explosives market with an emphasis on coal mining and rock quarries. Jack E. Golsen, chairman of LSB Industries, Inc., stated that this acquisition will give LSB's explosives business access to what he believes is the world's second largest explosives market and a presence in the pacific rim, an area of high growth in the mining industry.
 LSB also announced that it has negotiated with the U.S. Customs Service a resolution of the long standing dispute between Customs and a subsidiary of LSB. The negotiations have resulted in LSB making a settlement offer to Customs of $1.767 million. LSB expects that the offer will be accepted by Customs within 14 days. If the settlement offer is accepted by Customs, LSB will accrue the settlement amount as an expense in the second quarter ending June 30. LSB believes the settlement is in the best interests of the company by resolving the dispute and by ending the substantial legal costs incurred over the past four years in connection with the dispute. This settlement is subject to final approval by Customs and final legal documentation between the parties.
 LSB is a diversified company engaged in a variety of manufacturing, engineering, marketing and financial service activities on a world wide 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 and debentures are listed for trading on the American Stock Exchange.
 -0- 6/25/93
 /CONTACT: Tony M. Shelby, chief financial officer of LSB Industries, Inc., 405-235-4546/
 (LSB)


CO: LSB Industries, Inc.; Total Energy Systems Limited ST: Oklahoma IN: CHM SU: TNM

TS -- NY007 -- 5608 06/25/93 08:49 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
Words:434
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