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Gleason Corporation Announces Share Repurchase Program

5 October 1998

Gleason Corporation Announces Share Repurchase Program

    ROCHESTER, N.Y.--Oct. 5, 1998--Gleason Corporation's (NYSE-GLE) Board of Directors today authorized the repurchase of up to 10% of the company's outstanding shares of common stock.
    The purchases may be made on the open market or in privately negotiated transactions. The company currently has 10.2 million shares outstanding. Under a repurchase program authorized in July 1996, the company has purchased 798,700 shares of its common stock, at an aggregate cost of $13.6 million, including 307,100 shares at an aggregate cost of $5.9 million, 1998.
    James S. Gleason, Chairman and President, said, "We believe that our stock at recent price levels represents an excellent investment opportunity. Our free cash flow and available borrowing capacity should be more than adequate to support our strategic and capital spending initiatives, as well as the repurchase of company shares."
    The company expects to report its results for its third quarter ended September 30, 1998 on October 15th.


    Gleason Corporation is a world leader in the manufacture of machines and tooling used in the production of all forms of gears.


    More information about Gleason Corporation is available on the World Wide Web at http://www.gleason.com.