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LTV ANNOUNCES DEFINITIVE AGREEMENT WITH VOUGHT FOR ACQUISITION OF AEROSPACE UNITS

 LTV ANNOUNCES DEFINITIVE AGREEMENT WITH VOUGHT
 FOR ACQUISITION OF AEROSPACE UNITS
 DALLAS, Feb. 26 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV) announced today it has signed a definitive agreement with Vought Corporation, a jointly-owned, stand-alone company formed by Lockheed Corp. and Martin Marietta Corp., for the acquisition of its aircraft and missiles businesses.
 Today's action confirms LTV's announcement on Feb. 3 that an agreement in principle for the acquisition had been reached.
 The purchase price is $355 million, consisting of $319 million in cash and $36 million in preferred stock.
 Vought Corporation carries on the name of aviation pioneer Chance Milton Vought, who founded the business. In 1917 Vought formed a company on Long Island, N.Y., bearing his name to manufacture airplanes for the Army's use in World War I.
 Following World War II, Vought's company was acquired by Dallas- based Ling-Temco and became the original "V" in LTV.
 Consummation of the transaction is subject to, among other things, approval by the United States Bankruptcy Court and certain conditions in the contract.
 Vought Corporation will become the owner of the assets and certain liabilities of LTV's missiles division and aircraft division, both headquartered in the Dallas area.
 For calendar year 1991, the two LTV divisions had combined sales of $1.7 billion. The LTV units have approximately 13,000 employees and a contract backlog of $3.7 billion.
 Located in Bethesda, Md., Martin Marietta Corp. (NYSE: ML) is an aerospace, electronics and information technology company. It designs, manufactures and integrates systems and products in the fields of space, defense, communications, information management, energy and materials and had sales in 1991 of $6.1 billion.
 Lockheed Corp. (NYSE: LK), headquartered in Calabasas, Calif., is a world leader in defense and space systems technology, designing and producing missiles, electronic systems, satellites and military aircraft, as well as providing a wide range of aeronautical, space, environmental and engineering services. Its 1991 sales were $9.8 billion.
 LTV announced plans in May 1991 to dispose all of its aerospace and defense operations as a part of its Chapter 11 reorganization. The company has been operating under Chapter 11 of the federal bankruptcy code since July 1986.
 "We are extremely proud of LTV Aerospace and Defense's achievements over many years and the significant contributions it has made in military and commercial aviation and space," said David H. Hoag, chairman, president and CEO of The LTV Corporation.
 "LTV's proud heritage will now be carried on by the new Vought Corporation, whose owners also have extensive experience and fine reputations in commercial and military aviation and space.
 "Deliveries of our products will continue without interruption to LTV's military and commercial customers," Hoag said.
 Following bankruptcy court approval of the transaction, the parties involved will work closely with each other to accomplish final closing as quickly as possible.
 LTV is a diversified manufacturing company involved in steel, aerospace/defense and energy products.
 -0- 2/26/92
 /CONTACT: Charles M. Palmer or Jerry Dalton of the LTV Corporation, 214-979-7941 or 214-979-7964; or Lynn Farris of LTV Aerospace and Defense Co., 214-266-2695/
 (LTV ML LK) CO: The LTV Corporation; Vought Corporation;
 Martin Marietta Corp.; Lockheed Corp. ST: Maryland, California, Texas IN: ARO SU: CON


GK -- NY037 -- 2753 02/26/92 11:16 EST
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Date:Feb 26, 1992
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