OTHER NEWS - July 18, 1996

Teledyne Exec to Resign at Close of Merger: The technology-based manufacturing corporation said that President and Chief Operating Officer Donald B. Rice will pursue other opportunities after the merger with Allegheny Ludlum Corp. is completed. The merger has been approved by the Justice Department and is pending shareholder approval. Rice will provide consulting services to Allegheny Teledyne, the new company that will become the parent of Allegheny and Teledyne. Rice’s responsibilities at Century City-based Teledyne will be divided between Gary Riley, president of Teledyne’s consumer and industrial segment, and Hudson Drake, president of its aviation and electronics segment. Both companies will hold special shareholder meetings on Aug. 15 to vote on the transaction, which would create a Pittsburgh-based company called Allegheny Teledyne Inc.