Core Industries Inc
500 North Woodward
P. O. Box 2000
Bloomfield Hills, MI 48303-2000
Telephone:        (810) 642-3400
FAX:              (810) 642-6816

                                                                    NEWS RELEASE

FOR IMMEDIATE RELEASE                           Contact:  Raymond H. Steben, Jr.
March 29, 1996                                                    (810) 901-1575

                   CORE INDUSTRIES COMPLETES SALE OF CHEROKEE

Core  Industries  Inc  (NYSE:  CRI)  today  announced  that it had  successfully
completed the previously  announced  divestiture of its Cherokee unit to a group
led by the senior  management  of the division.  David R. Zimmer,  President and
Chief  Executive  Officer  of  Core,  said  "The  divestiture  was  accomplished
consistent  with our previous  estimates and the  completion of the  transaction
will not affect our current year's earnings.  Zimmer further stated  "Cherokee's
operations  did not fit Core's  strategic  objectives and I believe that the new
Cherokee owners will be able to concentrate their resources on Cherokee's future
success."

Core Industries Inc manufactures  specialty  products for three segments:  Fluid
Control and Construction Products; Test, Measurement, and Control; and Specialty
Farm Equipment.