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POWELL INDUSTRIES, INC. ANNOUNCES PLAN TO SELL MAJORITY INTEREST IN U.S. TURBINE CORP. IN AN INITIAL PUBLIC OFFERING

 HOUSTON, July 13 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) announced today that it plans to sell a majority of its interest in its wholly owned subsidiary, U.S. Turbine Corp. (UST), in a public offering that is expected to be completed early this fall.
 UST, located near Cincinnati in Maineville, Ohio, designs, assembles and installs gas turbine generator sets for the cogeneration and independent power producer markets. The company was acquired by Powell in 1984.
 The offering of shares in UST will be made only by means of a prospectus to be filed with the Securities and Exchange Commission, and will be subject to favorable capital market conditions when the prospectus becomes effective.
 "Although we are maintaining a minority position in UST, this sale will allow Powell's management team to concentrate on developing our core business," said Thos. W. Powell, chairman and CEO.
 Powell Director Eugene L. Butler has been selected to succeed Thos. W. Powell as chairman of UST. Butler is the former president and CEO of Weatherford International and has guided several public offerings. UST President Larry D. Davis will continue in his current position.
 Powell Industries, Inc. designs, manufactures and packages electrical generation distribution and control equipment.
 -0- 7/13/93
 /CONTACT: J.F. Ahart of Powell Industries, Inc., 713-947-4422/
 (POWL)


CO: Powell Industries, Inc.; U.S. Turbine Corp. ST: Texas, Ohio IN: SU: OFR

TS -- NY032 -- 0817 07/13/93 10:32 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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