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THREE NEW DIRECTORS ELECTED TO THE TURNER CORPORATION'S BOARD

 THREE NEW DIRECTORS ELECTED TO THE TURNER CORPORATION'S BOARD
 NEW YORK, July 27 /PRNewswire/ -- Three new members have been elected to the board of directors of the Turner Corporation (AMEX: TUR), according to an announcement made today by Turner, the nation's leading general builder. At a special meeting of Series C preferred stockholders, Peter Steiner, Heinrich Baumann and Gary Fieger were elected to the board effective July 21, 1992. Election of the three new members brings the total number of directors of Turner's board to 14.
 A transaction closed earlier this month, in which Karl Steiner Holding Corporation invested $15 million in exchange for new convertible securities of the Turner Corporation, entitled holders if the new stock, voting as a separate class, to elect three additional members to Turner's board. The investment consisted of $9 million for a new class of preferred stock, convertible into one million shares of Turner common stock and $6 million for the purchase of five-year debentures convertible into 600,000 Turner common shares. In addition, the Turner Corporation and Karl Steiner Holding Corporation expanded the operations of a previously formed, jointly owned European construction consulting/construction management company into Turner Steiner International, a new global construction management company.
 Steiner, 46, currently serves as chairman and chief executive officer of Karl Steiner Corporation, the largest general builder in Switzerland. He also serves as first vice president of the Swiss General Contractors Association. Steiner resides in Zurich, Switzerland.
 Baumann, 50, serves as chairman and chief executive officer of Karl Steiner Holding Corporation. He makes his home in Trelex, Switzerland, near Geneva.
 Currently working as a real estate investor and developer, Fieger, 64, is the former president and chief executive of Hammerson Property Corporation. He is a resident of New York.
 Karl Steiner Holding Corporation and Karl Steiner Corporation are exclusively family-owned companies headquartered in Zurich, Switzerland, with subsidiaries in France, Germany, Italy and Austria. During 1991, the Steiner group realized total revenue on SF950 million, approximately US$650 million.
 Based in New York, the Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the nation's largest builder of commercial, industrial, hospital and healthcare, retail, institutional, government building and multi-unit hosing projects. Operating through more than 35 offices, Turner has construction projects underway throughout the United States and abroad. During 1991, the Turner Corporation completed $2.7 billion of construction.
 -0- 7/27/92
 /CONTACT: Beverly A. Benn of Turner Corporation, 212-229-6157/
 (TUR) CO: Turner Corporation ST: New York IN: CST SU: PER


TS-SM -- NY062 -- 3490 07/27/92 11:43 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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