[ALLEGHENY TELEDYNE LOGO]
                                                      1000 Six PPG Place
                                                      Pittsburgh, PA  15222-5479



NEWS RELEASE                                CONTACT: Gary Stechmesser
                                                     412/394-2861
                                                     Dan Greenfield
                                                     412/394-3004


                   WILLIAM P. RUTLEDGE RESIGNS, AND RICHARD P.
                 SIMMONS ELECTED PRESIDENT AND CHIEF EXECUTIVE
                   OFFICER OF ALLEGHENY TELEDYNE INCORPORATED


Pittsburgh,  PA, February 12, 1997 - Allegheny Teledyne Incorporated (NYSE: ALT)
announced that its president and chief executive  officer,  William P. Rutledge,
tendered his resignation as an officer of the company effective today. Allegheny
Teledyne  Incorporated  (ATI) was  formed on August  15,  1996,  in a  strategic
combination  of   Pittsburgh-based   Allegheny   Ludlum   Corporation   and  Los
Angeles-based Teledyne, Inc.

Allegheny Teledyne also announced that Chairman Richard P. Simmons will serve as
president and chief executive officer of the company. During the transition, Mr.
Rutledge  will be  available  to  assist  Mr.  Simmons  with  respect  to  ATI's
non-metals businesses.

Mr. Rutledge has decided to pursue other opportunities. He stated, "For personal
and  family  reasons,  I have  found the  transition  from  California  to ATI's
Pittsburgh,  Pennsylvania headquarters difficult and have determined it to be in
the best  interest of all involved  that I resign.  I regret having to make this
decision,  but I am confident that ATI is  well-positioned  to achieve sustained
profitable growth in the years to come."

Mr. Simmons stated, "The board and I wish to thank Bill for his past performance
and  support.  We  respect  his  decision  to step down at this time for  family
reasons and we wish him well in his future endeavors."

Allegheny   Teledyne   Incorporated   is  a   federation   of   technology-based
manufacturing  businesses with significant  concentration  in specialty  metals,
complemented by aerospace and electronics, industrial, and consumer products.

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