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NATIONAL GYPSUM COMPANY ANNOUNCES APPOINTMENT OF NEW DIRECTORS

 CHARLOTTE, N.C., Oct. 14 /PRNewswire/ -- National Gypsum Company (NASDAQ-NMS: NGCO) announced today that its board of directors has elected as directors Bernard Kasriel, managing director of Lafarge Coppee, and C.D. Spangler Jr., chairman of the board of Golden Eagle Industries, Inc., to fill vacancies created by the resignations of Vincent J. Naimoli, effective immediately, and Peter C. Browning, effective upon his previously announced departure as chief executive officer on Oct. 31, 1993. Kasriel will assume Naimoli's seat and Spangler will assume Browning's seat.
 National Gypsum Company has been informed that Lafarge Coppee, a construction materials company with its headquarters in Paris, France, has entered into an agreement to purchase 3,995,915 shares of National Gypsum Company, representing approximately 20 percent of the total outstanding shares of the company, from Water Street Corporate Recovery Fund I, L.P. and has agreed to transfer one half of those shares to Golden Eagle Industries, Inc., a Spangler family investment company with its headquarters in Charlotte, N.C.
 Continuing directors on National Gypsum's 7-person board include Eve Horwitz, an attorney with the law firm of Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C.; Harry Leonhardt, chairman and CEO of LFMC Corp., a home building and building materials consulting firm; Richard Masson, managing director, TCW Asset Management Company; James Morgens, president, Tel-Care, Inc.; and Reece Overcash, chairman and CEO of Associates Corp. of North America.
 National Gypsum Company is the nation's second largest manufacturer and distributor of gypsum wallboard and related products.
 -0- 10/14/93
 /CONTACT: Allan V. Cecil, VP - Corporate Communications and Investor Relations, of National Gypsum, 704-365-7227 or FAX 704-365-7391/
 (NGCO)


CO: National Gypsum Company ST: North Carolina IN: CST SU: PER

SB -- CH011 -- 2368 10/14/93 15:22 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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