OTHER NEWS - Aug. 16, 1996

Merger of Teledyne, Allegheny Ludlum Approved: Stockholders of both firms voted overwhelmingly for the $2.2-billion deal, which creates a new entity named Allegheny Teledyne Inc. The company--with interests in specialty steels, industrial equipment and consumer goods--will be based in Pittsburgh, with Teledyne relinquishing its Century City headquarters. Allegheny Teledyne has 24,000 employees and expects to post annual sales of about $4 billion. The votes ended Teledyne’s 36-year history as an independent conglomerate.