VARLEN CORP
10-C, 1995-07-19
METAL FORGINGS & STAMPINGS
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               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                            Form 10-C
         Report by Issuer of Securities Quoted on NASDAQ
                  Interdealer Quotation System

            Filed pursuant to Section 13 or 15(d) of
             the Securities Exchange Act of 1934 and
                Rule 13a-17 or 15d-17 thereunder


                       VARLEN CORPORATION              
          ---------------------------------------------
         (Exact name of issuer as specified in charter)

                       55 Shuman Boulevard
                          P.O. Box 3089
                   Naperville, IL 60566-7089        
            ----------------------------------------
            (Address of principal executive offices)

Issuer's telephone number, including area code:  (708) 420-0400 
                                                 --------------  


            I. CHANGE IN NUMBER OF SHARES OUTSTANDING

Indicate any change (increase or decrease) of 5% or more in the
number of shares outstanding:

1. Title of security:    common stock, par value $.10 per share
                         ("Common Stock")

2. Number of shares outstanding before the change:  4,887,902

3. Number of shares outstanding after the change:   5,376,196

4. Effective date of change:  July 10, 1995

5. Method of change:     Ten-Percent (10%) Stock Dividend

PAGE
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Form 10-C: Report by Issuer
of Securities Quoted on NASDAQ
Interdealer Quotation System
Page 2


     Give brief description of transaction:

          Ten-percent (10%) stock dividend pursuant to the
          following terms:

          a.   the Issuer issued one additional share of Common
               Stock for every ten shares of Common Stock
               outstanding as of the date of record;

          b.   neither title nor par value of Common Stock
               changed;

          c.   date of declaration was May 22, 1995;

          d.   date of record was June 23, 1995;

          e.   date of payment was July 10, 1995; and

          f.   fractional shares have not been issued, but in
               lieu thereof, an equivalent amount has been paid
               in cash in an amount based on a fraction of the
               closing price of the Common Stock, as reported by
               NASDAQ on the date of record, as adjusted by the
               change in price of the Common Stock to reflect the
               stock dividend, (a) the numerator of which is the
               remainder of the quotient of (i) the number of
               shares of Common Stock held by a holder divided by
               (ii) ten, and (b) the denominator of which is ten.


                  II. CHANGE IN NAME OF ISSUER

                         NOT APPLICABLE





Date:  July 18, 1995             /s/ Richard A. Nunemaker       
                              ----------------------------------
                                     Richard A. Nunemaker
                                     Vice President, Finance and
                                     Chief Financial Officer



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