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REDLAW INDUSTRIES SUBSIDIARY COMPLETES SALE OF ASSETS OF TENNESSEE AND MICHIGAN OPERATIONS

 BRANTFORD, Ontario, July 26 /PRNewswire/ -- Redlaw Industries Inc. (AMEX: RDL) announced today that GRM Industries Inc., its wholly owned subsidiary, has completed the sale of the assets of its Dover, Tenn., Greenfield, Tenn. and Southfield, Mich., operations to EWI, Inc. in a cash transaction resulting in a gain over the book value of the assets. Net proceeds of the sale will be applied to reduce bank debt and to repay in full Redlaw Industries' outstanding obligations to Johnston Industries Inc.
 Redlaw Industries, through its control of Johnston Industries, is a publicly held manufacturer and distributor of industrial textiles.
 -0- 7/26/93
 /CONTACT: Rainer H. Bosselmann, vice chairman of Redlaw Industries, 301-656-0626/
 (RDL)


CO: Redlaw Industries, Inc.; GRM Industries Inc.; EWI, Inc. ST: Tennessee, Michigan IN: MAC SU:

SS-RC -- FL010 -- 5649 07/26/93 11:22 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:137
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