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THOMSON-CSF ANNOUNCES AGREEMENT FOR PURCHASE OF MISSILE BUSINESS

 THOMSON-CSF ANNOUNCES AGREEMENT FOR PURCHASE OF MISSILE BUSINESS
 WASHINGTON, April 22 /PRNewswire/ -- Thomson-CSF, the Carlyle Group and the LTV Corporation (NYSE: LTV) today announced the signing of a definitive agreement for the purchase of LTV's missile business by Thomson-CSF, a global leader in defense electronics, and LTV's aircraft business by Carlyle, an investment firm with a large commitment to the defense business. The combined purchases total $450 million.
 As part of its purchase of the missile business, Thomson-CSF has as a minority partner Hughes Aircraft, the world's largest defense electronics company.
 The transactions, which were approved on April 10th by the Federal Bankruptcy Court overseeing the Chapter 11 reorganization of the LTV Corporation, involve LTV receiving $300 million cash from Thomson-CSF for the missile business and $150 million, including $110 million cash, from Carlyle for the aircraft business. Both Thomson and Carlyle have stated that they are excited about working with present management, employees, customers and suppliers and plan to maintain present salary, benefit and pension plans.
 LTV Corporation stated, "We are working closely together with Thomson-CSF and Carlyle to ensure the transaction receives the necessary government approvals."
 Thomson-CSF and Carlyle stated, "We are confident that these transactions will serve the best long-term interests of LTV's missile and aircraft businesses, their employees, customers, suppliers and the United States. We are committed to satisfying all regulatory requirements to ensure that these interests are fully and properly protected."
 In this regard, Thomson-CSF and LTV reported that they have completed the filing of information with The Office of International Investment of the Department of the Treasury so that the CFIUS review can be undertaken.
 -0- 4/22/92
 /CONTACT: Richard Keating of Thomson-CSF, 703-769-4776; or Jerry Dalton of LTV Corporation, 214-979-7964; or David Rubenstein of The Carlyle Group, 202-347-2626/
 (LTV) CO: Thomson-CSF; Carlyle Group; LTV Corporation ST: District of Columbia, Texas IN: ARO SU: TNM


TS -- NY053 -- 1279 04/22/92 12:24 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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