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LTV SELLS AM GENERAL CORP. TO THE RENCO GROUP

 LTV SELLS AM GENERAL CORP. TO THE RENCO GROUP
 DALLAS, Dec. 4 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV)


announced today an agreement to sell its military truck manufacturing unit, AM General Corporation, to the Renco Group, Inc., a $1 billion privately-owned New York City-based holding company.
 Terms of the sales agreement were not disclosed.
 The sale, which is subject to approval by the United States Bankruptcy Court, is a part of LTV's previously announced plans to sell all of LTV Aerospace and Defense Company.
 AM General Corporation was acquired by LTV in September 1983 from American Motors Corporation.
 The unit currently manufactures the Hummer High Mobility Multipurpose Wheeled Vehicle used by all four of the U.S. military services and by forces of a number of friendly foreign countries.
 AM General will also begin deliveries in 1992 of a civilian version of the Hummer for the off-road, four-wheel-drive market.
 With headquarters in South Bend, Ind., AM General employs about 1,650 people and had sales in 1990 of $374 million.
 The company has manufacturing facilities in Mishawaka and Indianapolis, Ind. It has an engineering and product development center in Livonia, Mich.
 The Renco Group has indicated plans to keep AM General's management intact and to offer all employees similar positions at the same salary or wage level and with substantially similar benefits.
 LTV announced plans in May to sell LTV Aerospace and Defense in an effort to hasten the company's ability to reorganize and emerge from Chapter 11. The company filed for Chapter 11 protection in July 1986.
 David H. Hoag, LTV chairman, president and CEO, expressed regret at the need for selling AM General. He said the sale is strategically in LTV's best interest and will provide the fastest exit from Chapter 11, helping ensure a strong base for LTV Steel going forward.
 "AM General is one of the oldest and proudest major manufacturers of military vehicles," Hoag said. "It is known throughout the world for quality workmanship and dependable products.
 "We are proud to have been associated with the people of AM General, and we wish them the best in the future."
 Hoag noted that AM General's Hummers played a key role and lived up to their multipurpose description during the successful Operation Desert Storm fighting earlier this year.
 A hearing on the proposed sale is tentatively scheduled before the Bankruptcy Court on Dec. 23. Hoag said the parties plan to close the transaction as soon as practicable after bankruptcy court approval is received.
 LTV is a diversified manufacturing company involved in steel, aerospace/defense and energy products.
 -0- 12/4/91
 /CONTACT: Charles M. Palmer or Jerry Dalton of LTV Corporation, 214-979-7941 or 214-979-7964; or Craig MacNab of LTV Aerospace and Defense, 219-284-2929/
 (LTV) CO: The LTV Corporation; AM General Corporation; The Renco Group, Inc. ST: Texas, Indiana, New York IN: ARO SU: TNM


GK -- NY040 -- 9131 12/04/91 10:58 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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