EXHIBIT 99.1
-------------
ABC-NACO SELLS NON-CORE ASSET - REDUCES DEBT
DOWNERS GROVE, IL - JANUARY 5, 2001, ABC-NACO announced today that the first
sale of its non-core assets was completed on December 28, 2000. The proceeds
from the sale of the Company's interest in its brakeshoe joint venture met
Company expectations and were used to reduce outstanding debt.
Joseph A. Seher, Chairman and Chief Executive Officer stated, "Our goal was to
complete this sale and begin our debt reduction program before the end of 2000.
Disposition of the remaining non-core assets is proceeding with additional sales
expected to close during the first and second quarters of 2001. We are well on
our way to improving our debt to total capitalization ratio as we had planned".
ABC-NACO is one of the world's leading suppliers of technologically advanced
products to the railroad and flow control industries through its three business
groups: Rail Products, Rail Services and Systems, and Flow and Specialty
Products. With four technology centers around the world, ABC-NACO holds
pre-eminent market positions in the design, engineering, and manufacture of
high-performance freight rail car, locomotive and passenger rail suspension and
coupler systems, wheels and mounted wheel sets. The Company also supplies
railroad and transit infrastructure products and services, technology-driven
specialty track products, as well as highly engineered valve bodies and
components for industrial flow control systems worldwide. It has 32 offices and
facilities in the United States, Canada, Mexico, Scotland, Portugal, and China.
