United Dominion completes sale of Varco-Pruden

Business Wire, July 2, 1997

CHARLOTTE, N.C.--(BUSINESS WIRE)--July 2, 1997--United Dominion Industries (TSE, NYSE, ME: UDI) -- United Dominion Industries Ltd. today said that it has completed the previously announced sale of its Varco-Pruden Buildings Division to The LTV Corporation (NYSE-LTV) for $187.5 million in cash.

Based in Memphis, Tenn., Varco-Pruden is a leading producer of pre-engineered buildings and building systems for low and medium-rise commercial and industrial applications. The division includes AEP Span, a manufacturer of building system components including metal roofing. Varco-Pruden has eight U.S. plants and three international joint ventures and reported sales of $305 million in 1996.

This divestiture is part of United Dominion's strategic plan to focus solely on industrial manufacturing businesses producing engineered products.

United Dominion manufactures diversified, engineered products primarily for industrial and commercial customers worldwide. Following the Varco-Pruden divestiture and completion of the previously announced acquisitions of Core Industries and Imo Industries, United Dominion will be a $2.4 billion company, employing approximately 14,100 people at 92 locations in 18 countries.

CONTACT: United Dominion Industries Ltd. - Media

Nancy Spurlock, 704/347-6838

or

United Dominion Industries Ltd. - Analysts

Michael Morgan, 704/347-6529