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USX AND ARMCO IN DEFINITIVE AGREEMENT ON NATIONAL-OILWELL SALE

 USX AND ARMCO IN DEFINITIVE AGREEMENT ON NATIONAL-OILWELL SALE
 PITTSBURGH, Sept. 16 /PRNewswire/ -- Armco, Inc. (NYSE: AS) and USX Corporation (NYSE: X), 50/50 partners in National-Oilwell, have entered into a definitive agreement with Empresas Lanzagorta, S.A. de C.V. ("EMLA") to sell their interests in the oil field equipment and machinery manufacturer to a new enterprise to be formed by EMLA. This agreement provides that EMLA will combine in the new enterprise the businesses of National-Oilwell with certain of EMLA's businesses.
 Under the agreement, USX will receive total consideration of approximately $120 million for its interest in National-Oilwell. The transaction is subject to a number of conditions, including financing and approval by the boards of directors of USX, Armco and EMLA. The parties expect to close the transaction by the end of the year.
 -0- 9/16/92
 /CONTACT: William E. Keslar and Don H. Herring of USX Corporation, 412-433-6870/
 (AS X) CO: USX Corporation; Armco, Inc.; National-Oilwell ST: Pennsylvania IN: MNG OIL SU:


CD -- PG006 -- 0173 09/16/92 13:40 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
Words:175
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