Printer Friendly

LTV TO SELL DEFENSE UNIT TO MARTIN MARIETTA

 LTV TO SELL DEFENSE UNIT TO MARTIN MARIETTA
 DALLAS, Aug. 3 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV)


announced today it has entered into a letter of agreement with Martin Marietta for the acquisition of its aircraft and missiles businesses. The parties expect to enter into a definitive agreement promptly.
 The purchase price is $440 million, consisting of $396 million in cash and $44 million in preferred stock.
 The letter of agreement, which was signed by LTV's parent and steel creditor committees and the federal Pension Benefit Guaranty Corporation, is subject to approval by the U.S. Bankruptcy Court and clearance of the Hart-Scott-Rodino process. LTV will make application for bankruptcy court approval tomorrow (Tuesday).
 LTV's missiles and aircraft divisions, both headquartered in the Dallas area, had combined sales of $1.7 billion in 1991. The LTV units have approximately 13,000 employees and a contract backlog of $3.7 billion.
 Located in Bethesda, Md., Martin Marietta 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.
 LTV announced plans in May 1991 to dispose of all 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.
 LTV is a diversified manufacturing company involved in steel, aerospace and defense and energy products.
 -0- 8/3/92
 /CONTACT: Charles M. Palmer, 214-979-7941, or Jerry Dalton, 214-979-7964, both of The LTV Corporation/
 (LTV ML) CO: LTV Corporation; Martin Marietta ST: Texas, Maryland IN: ARO SU:


LR -- NY045 -- 6115 08/03/92 11:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 3, 1992
Words:287
Previous Article:THE RIVAL CO. REPORTS INCREASE IN EARNINGS
Next Article:BUFFETS REPORTS RECORD RESULTS
Topics:


Related Articles
LTV ANNOUNCES AGREEMENT FOR ACQUISITION OF ITS AIRCRAFT AND MISSILE BUSINESSES BY LOCKHEED AND MARTIN MARIETTA
NEWLY FORMED VOUGHT CORPORATION SIGNS CONTRACT TO ACQUIRE LTV'S AIRCRAFT AND MISSILES DIVISIONS
LTV ANNOUNCES DEFINITIVE AGREEMENT WITH VOUGHT FOR ACQUISITION OF AEROSPACE UNITS
NEWLY FORMED VOUGHT CORPORATION SIGNS CONTRACT TO ACQUIRE LTV'S AIRCRAFT AND MISSILES DIVISIONS
THOMSON-CSF PROMISES TECHNOLOGY TO EXTEND THE CAPABILITIES AND REACH OF LTV MISSILES
LTV TO SELL DEFENSE UNIT TO MARTIN MARIETTA
MARTIN MARIETTA ISSUES STATEMENT REGARDING LTV
MARTIN MARIETTA ISSUES STATEMENT REGARDING LTV
DUFF & PHELPS CREDIT RATING CO. ESTABLISHES LOCKHEED MARTIN CORPORATION'S SENIOR DEBT RATING
Lockheed Martin Signs Contract With U.S. Government for C-130Js

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters