OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET

McLean Industries Inc's United 
States Lines Inc subsidiary said it has agreed in principle to 
transfer its South American service by arranging for the 
transfer of certain charters and assets to <Crowley Mariotime 
Corp>'s American Transport Lines Inc subsidiary. 
    U.S. Lines said negotiations on the contract are expected 
to be completed within the next week. Terms and conditions of 
the contract would be subject to approval of various regulatory 
bodies, including the U.S. Bankruptcy Court. 
 Reuter

MCLEAN'S <MII> U.S. LINES SETS ASSET TRANSFER

CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS

CoFAB Inc said it acquired <Gulfex Inc>, 
a Houston-based fabricator of custom high-pressure process 
vessels for the energy and petrochemical industries. 
    CoFAB said its group of companies manufacture specialized 
cooling and lubricating systems for the oil and gas, 
petrochemical, utility, pulp and paper and marine industries. 
 Reuter

<COFAB INC> BUYS GULFEX FOR UNDISCLOSED AMOUNT

A group of affiliated New York 
investment firms said they lowered their stake in Cyclops Corp 
to 260,500 shares, or 6.4 pct of the total outstanding common 
stock, from 370,500 shares, or 9.2 pct. 
    In a filing with the Securities and Exchange Commission, 
the group, led by Mutual Shares Corp, said it sold 110,000 
Cyclops common shares on Feb 17 and 19 for 10.0 mln dlrs. 
 Reuter

INVESTMENT FIRMS CUT CYCLOPS <CYL> STAKE

AMERICAN EXPRESS <AXP> SEEN IN POSSIBLE SPINNOFF

Industrial Equity (Pacific) Ltd, a 
Hong Kong investment firm, said it raised its stake in Wrather 
Corp to 816,000 shares, or 11.3 pct of the total outstanding 
common stock, from 453,300 shares, or 6.3 pct. 
    In a filing with the Securities and Exchange Commission, 
Industrial Equity, which is principally owned by Brierley 
Investments Ltd, a publicly held New Zealand company, said it 
bought 362,700 Wrather common shares between Feb 13 and 24 for 
6.6 mln dlrs. 
    When it first disclosed its stake in Wrather earlier this 
month, it said it bought the stock for investment purposes. 
 Reuter