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VARITY SELLS STAKE IN EUROPEAN BRAKE UNIT

 BUFFALO, N.Y., April 2 /PRNewswire/ --Varity Corporation (NYSE: VAT) today announced the sale of its 68 percent interest in Brembo Kelsey- Hayes S.p.A., based in Bergamo, Italy. Varity said that the interest was sold to an Italian financial company controlled by the former minority shareholder for Italian Lira 56.85 billion. The net proceeds to Varity were approximately $33 million.
 Brembo, with 1992 sales of $120 million, produces high-performance automotive brakes and is a leading producer of rotors in Europe. Varity said that most of the proceeds would be used to fund its expanding anti- lock braking systems (ABS) business in Europe. The sale is the latest in a series of divestitures of assets outside the company's core businesses that have been made as part of a restructuring program initiated a year ago.
 Brembo and Varity's Kelsey-Hayes group expect to continue their technical and commercial cooperation maintaining the business relationship developed over the last several years.
 Brembo was a unit of Varity's Kelsey-Hayes group, a leading producer of ABS and a major supplier of conventional brakes and electrical control devices to the automotive industry. Varity's other operations include Massey Ferguson farm equipment and Perkins diesel engines. Varity Corporation (NYSE: VAT) had sales in 1992 of $3.4 billion and is one of the 150 largest U.S. Industrial firms.
 -0- 4/2/93
 /CONTACT: Jerry Hostetter of Varity Corporation, 716-888-8073/
 (VAT)


CO: Varity Corporation ST: New York IN: AUT SU:

BM -- CL010 -- 2526 04/02/93 12:49 EST
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Publication:PR Newswire
Date:Apr 2, 1993
Words:252
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