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VARITY'S PERKINS UNIT AND VOLVO PENTA JOINTLY DEVELOPING MARINE DIESELS

VARITY'S PERKINS UNIT AND VOLVO PENTA JOINTLY DEVELOPING MARINE DIESELS
 BUFFALO, N.Y., Oct. 21 /PRNewswire/ -- In a 10-year agreement, Varity Corporation's Perkins diesel engine group and Sweden's Volvo Penta are jointly developing a range of small marine diesels to be marketed exclusively by Volvo Penta's international sales network. Perkins estimated the value of the program at more than $200 million.
 The companies said the new generation of marine diesels will range up to 150 brake horsepower, with displacement of up to 0.6 liters per cylinder. The engines will be manufactured by Perkins and bear the Volvo Penta name.
 The agreement is an outgrowth of an existing collaboration over the past five years involving a series of light diesels designed specifically for small powerboats and as sailboat auxiliary units.
 Tony Gilroy, managing director of Perkins, said, "By combining our joint strengths we believe that we will substantially increase our position in the world market for small diesel engines."
 In addition to Perkins, Varity Corporation's businesses include Kelsey-Hayes automotive components and anti-lock braking systems and Massey Ferguson farm machinery. Varity (NYSE: VAT), with sales of $3.2 billion in 1991, is one of the nation's 150 largest industrial companies.
 -0- 10/21/92
 /CONTACT: Jerry Hostfutter of Varity Corp., 716-888-8073; or Bob Stone or Phil Fried, The Dilenschneider Group, Inc., 212-922-0900, for Varity Corporation/
 (VAT) CO: Varity Corporation; Volvo Penta ST: New York IN: SU:


SH-EE -- NY018 -- 2715 10/21/92 09:17 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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