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TRANZONIC TO BE "TNZA" ON AMEX

TRANZONIC TO BE "TNZA" ON AMEX
 CLEVELAND, June 15 /PRNewswire/ -- Shareholders of The Tranzonic Companies at their annual meeting today approved a proposal renaming the company's common shares. The new designation will be Class A common shares.
 With the new designation, the class's trading symbol on the American Stock Exchange also will be modified from "TNZ" to "TNZA." The company said that redesignation of both the stock and trading symbol is expected to be effected within the next few days.
 No further shareholder action is required, the company said, noting that existing common share stock certificates will be honored as Class A common share stock certificates.
 Tranzonic has two classes of common shares which are identical except that its Class B common shares have one-tenth the voting power of the renamed Class A common shares. The Class B common shares currently pay a quarterly dividend of eight cents per share, double the four cents per share of the other. The market price of the Class B common shares, however, has generally lagged behind that of the other class which the company said may reflect a lack of awareness that Tranzonic has the two classes.
 The company said that the redesignation of the common shares to Class A common shares is designed to alert the investing public that a second and somewhat different equity investment vehicle in the company exists.
 Both classes of stock are traded on the American Stock Exchange, the Class B common shares under the symbol "TNZB." The Class A common shares can be converted on a one-for-one basis to the Class B common shares. The reverse is not the case, however.
 Cleveland-based Tranzonic is a manufacturer/distributor of paper, cloth and vinyl products. The company has four divisions. The Personal Care Division manufactures and distributes a full line of feminine hygiene products, children's disposable diapers, adult incontinent briefs and toilet seat covers. The Industrial Textiles Division supplies industrial wiping products and the Industrial Packaging Division produces spiral-wound paper tubes and cores for industrial purposes. The Housewares Division designs, produces and markets laundry accessories, closet organization products, personal travel organizers and cedar storage units.
 -0- 06/15/92
 CONTACT: Michael J. Gannon of The Tranzonic Companies, 216-831-5757
 (TNZA) CO: THE TRANZONIC COMPANIES IN: HOU ST: OH -- CL008 -- X502 06/15/92
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Publication:PR Newswire
Date:Jun 15, 1992
Words:383
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