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VARITY'S MASSEY FERGUSON GROUP AGREES TO SELL INDUSTRIAL MACHINERY UNIT

 VARITY'S MASSEY FERGUSON GROUP AGREES
 TO SELL INDUSTRIAL MACHINERY UNIT
 BUFFALO, N.Y., Sept. 8 /PRNewswire/ -- Varity Corporation's (NYSE: VAT) Massey Ferguson farm equipment group has agreed in principle to sell its industrial machinery business, MF Industrial, to a group led by the unit's management for approximately USD 18 million.
 MF Industrial, based in Manchester, England, specializes in the design, manufacture and international marketing of backhoe loaders and light industrial tractor loaders. MF Industrial had 1991 sales of USD 92 million. The unit's president, Richard E. Robson, heads the management buyout team, which is obtaining equity and loan financing under arrangements being made by Arthur Andersen Corporate Finance. In this respect the management team in being supported by an international equity syndicate led by Granville Development Capital Limited, of the United Kingdom.
 The transaction is another in a series recently announced by Varity as part of a restructuring program. Early this year Varity said that it intended to raise USD 125 to USD 175 million by divesting non-strategic assets over the next 12 to 18 months, with proceeds to be used for debt reduction.
 Varity Corporation (NYSE: VAT) had sales in 1991 of USD 3.2 billion and is one of the 150 largest U.S. industrial firms. In addition to Massey Ferguson, Varity operations include Kelsey-Hayes automotive components and Perkins diesel engines.
 -0- 9/8/92
 /CONTACT: Jerry Hostetter of Varity Corporation, 716-888-8073/
 (VAT) CO: Varity Corporation ST: New York IN: AUT SU:


KK -- CL006 -- 6925 09/08/92 10:32 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
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