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TRACOR TO ACQUIRE VITRO FROM PENN CENTRAL

 AUSTIN, Texas and CINCINNATI, June 10 /PRNewswire/ -- Tracor, Inc. (NASDAQ: TTRR) and The Penn Central Corporation (NYSE: PC) today signed an agreement providing for the acquisition by Tracor of Vitro Corporation and its subsidiaries from Penn Central for approximately $94 million in cash, subject to post-closing working capital adjustments. The book value of Vitro at closing, excluding certain real estate being retained by Penn Central, is expected to be approximately equal to the purchase price.
 Vitro Corporation is a leading engineering and technical services firm which performs systems engineering, software and information engineering, and related technical and management functions for the U.S. Department of Defense, NASA, other federal agencies, major industrial contractors, international customers, and the intelligence community. Headquartered in Silver Spring, Md., the company employs approximately 5,800 persons at more than 50 locations worldwide.
 James B. Skaggs, Tracor president, said, "We are looking forward to the opportunities this acquisition will bring to both Tracor and Vitro. Vitro has established over its 45-year history an excellent relationship with its customers and a respected name in the industry. There are numerous complementary business areas among the two companies which we believe will enhance or expand future opportunities."
 The transaction is subject to certain customary conditions and to the completion by Tracor of financing for the purchase on acceptable terms. Vitro is expected to continue operating under its own name as a subsidiary of Tracor.
 For 1992, Vitro had consolidated sales of $414 million and operating income of $19 million. The sale of Vitro constitutes a major step in the implementation of Penn Central's previously announced strategy of focusing on its specialty property and casualty insurance businesses.
 Tracor provides a broad range of technological products, systems and services for diverse U.S. government, international and commercial markets. Tracor is a major management and technical support contractor in communications, sonar and other area; a leader in the development and production of electronic countermeasures systems and other advanced electronics; and a comprehensive source for flight testing, specialized aircrew training and aircraft modification services.
 -0- 6/10/93
 /CONTACT: Philip A. Hagel, vice president-treasurer, The Penn Central Corporation, 513-579-6600/
 (TTRR PC)


CO: Tracor, Inc.; Vitro Corporation; The Penn Central Corporation ST: Texas, Maryland, Ohio IN: CPR INS SU: TNM

BM -- CL009 -- 0604 06/10/93 11:56 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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