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PITTWAY ANNOUNCES SEAQUIST SPINOFF, SEAQUIST/PFEIFFER MERGER

 PITTWAY ANNOUNCES SEAQUIST SPINOFF, SEAQUIST/PFEIFFER MERGER
 CHICAGO, Jan. 22 /PRNewswire/ -- Pittway Corporation (AMEX: PRY) announced today that it plans to distribute its Seaquist packaging group to shareholders in a tax-free spinoff as part of an agreement to combine Seaquist and the privately owned Pfeiffer Group through an exchange of shares.
 Pittway currently owns 35 percent of Pfeiffer, a German-based manufacturer of dispensing systems for the pharmaceutical and fragrance markets. Upon completion of the combination, the Pfeiffer family will own 15 percent of the newly formed packaging enterprise.
 The spinoff and combination are subject to receipt of a favorable ruling on the spinoff from Internal Revenue Service and other conditions, including the execution of a definitive agreement and regulatory approvals. Pittway expects the transactions to be completed toward the end of 1992 or early 1993. As required by Pittway's charter, the Seaquist distribution will be made proportionately to all Pittway stockholders without distinction between Pittway's common and Class A shares.
 In making the announcement, King Harris, president and CEO of Pittway stated:
 "The proposed combination of Seaquist and Pfeiffer unites two high- quality dispensing systems businesses.
 "Pfeiffer has a broad range of pharmaceutical, perfume and cosmetic dispensers that mesh well with products currently being manufactured by Seaquist's European divisions. It also has an experienced, talented management group led by Peter Pfeiffer. Peter has worked well with Erv LeCoque, president of Seaquist, and Carl Siebel, director of Seaquist's European operations, for many years. I believe that these three men will provide the combined company with excellent leadership in the years to come."
 Pittway is a manufacturer and distributor of professional burglar and fire alarm equipment; and manufacturer of retail home security items including smoke detectors, rechargeable lights and fire extinguishers; a publisher of trade magazines and directories; a producer of dispensing closures, pumps and aerosol valves; a contract packager of aerosol and liquid household products; a real estate developer; and a participant in joint venture real estate developments.
 -0- 1/22/92
 /CONTACT: Edward Schwartz of Pittway, 312-831-1070, or Marti Dee of Edelman, 312-280-7000, for Pittway/
 (PRY) CO: Pittway Corporation ST: Illinois IN: HOU SU:


CK -- NY026 -- 2184 01/22/92 10:33 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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