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SELAS TO ACQUIRE $20 MILLION MIDWESTHEARING INSTRUMENT COMPONENT MANUFACTURER

 DRESHER, Pa., Oct. 4 /PRNewswire/ -- Selas Corporation of America (AMEX: SLS) announced today that it has signed a definitive agreement to acquire substantially all of the shares of Resistance Technology, Inc., Arden Hills, Minn., for $22,250,000, and expects to have the remaining shares shortly.
 Of this price, $2.3 million will be paid in Selas stock, $1.8 million in a Selas promissory note, and the balance in cash, a portion of which will be raised through a bank loan.
 Resistance Technology is a manufacturer and supplier of microminiature hearing instrument components and microminiature plastic insert moldings. It employs 251 people in two plants in Minnesota. RTI's 1992 revenues were $20 million.
 Stephen F. Ryan, president and chief executive officer of Selas, said RTI enjoys a major market share in hearing aid components and is the low-cost producer in the highly automated microminiature manufacturing field. The addition of RTI complements Selas' quality heat technology products and original equipment automotive parts, he said.
 "RTI is a successful company with a promising future," Ryan said. "The global market for hearing instruments is growing as the older segment of the world population increases. RTI, as a component supplier, is positioned to take advantage of that growth and increase its share of the global market. Presently the company has 77 percent of its sales in the United States and 23 percent internationally."
 Selas is an international design, development, engineering and manufacturing company.
 /delval/
 -0- 10/4/93
 /CONTACT: R.W. Ross of Selas, 215-283-8253/
 (SLS)


CO: Selas Corporation of America; Resistance Technology, Inc. ST: Pennsylvania, Minnesota IN: CPR SU: TNM

MP-LJ -- PH006 -- 8281 10/04/93 10:37 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:277
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