Table: Top Spin Offs Of The 1990s

SPIN-OFF                        PARENT                  DATE    RETURN*
      ACX TECHNOLOGIES                ADOLPH COORS            1992    71.4%
      GARDNER DENVER MACHINERY        COOPER INDUSTRIES       1994    63.1
      RALCORP                         RALSTON PURINA          1994    34.7
      INDRESCO                        DRESSER INDUSTRIES      1992    28.2
      MARRIOTT                        INTERNATIONAL  MARRIOTT 1993    21.9
      DEAN WITTER DISCOVER            SEARS ROEBUCK           1993    21.5
      LEHMAN BROTHERS                 AMERICAN EXPRESS        1994    20.9
      TRIPOS                          EVANS & SUTHERLAND      1994    18.1
      *Annualized stock-price gain, from spin-off date through July 7, 1995
      DATA: PENNSYLVANIA STATE UNIVERSITY'S MARY JEAN & FRANK P. SMEAL COLLEGE OF 
      BUSINESS ADMINISTRATION
      

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