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LUKENS AGREES TO SELL CORROSION PROTECTION COMPANIES

 COATESVILLE, Pa., July 1 /PRNewswire/ -- Shaw Industries Ltd. (Toronto: SHL) and Lukens Inc. (NYSE: LUC) today announced they have entered into an agreement in principle for Shaw to purchase for cash the assets of Energy Coatings Company (ENCOAT) and Cathodic Protection Services Company (CPS), subsidiaries of Lukens Inc.
 The companies had combined 1992 sales of US$94 million.
 ENCOAT is a leading U.S. supplier of protective and insulative pipe coatings for the oil and gas industries with facilities in nine locations. CPS provides cathodic protection materials and engineering services for metallic structures including pipelines, well-casings, tanks and utility piping systems from 11 district office/warehouse locations and one manufacturing facility in the United States. Both companies are headquartered in Houston.
 Completion of the proposed transactions is subject to negotiation of a definitive agreement of purchase and sale, receipt of all required consents and approval by the respective boards of directors.
 "The sale of our corrosion protection subsidiaries will represent a major step forward in Lukens' plans to focus its resources on our core business -- steel," said R.W. Van Sant, Lukens' chairman and chief executive officer. "As we move forward with the implementation of Lukens 2000, our long-term strategy for growth, we will continue to evaluate our other non-steel operations, and may opt for divestiture of some or all of those companies in due course."
 Shaw Industries Ltd., a Canadian-owned public company, is the leading supplier of pipe coatings in Canada and provides a broad range of other goods and services to the energy industry from facilities located in Canada, the United States, Great Britain and Australia.
 Lukens Inc. is a Fortune 500 company whose subsidiaries supply carbon, alloy and clad plate steels; stainless steel sheet, strip and continuous mill plate; and industrial products and services.
 /delval/
 -0- 7/1/93
 /CONTACT: John M. Leland of Lukens, 215-383-2701/
 (LUC SHL.)


CO: Shaw Industries Ltd.; Lukens, Inc. ST: Pennsylvania, Texas IN: MNG SU: TNM

LJ -- PH009 -- 7606 07/01/93 10:04 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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