JP INDUSTRIES &lt;JPI> CONFIRMS PROPOSAL
  JP Industries Inc confirmed the
  announcement by Clevite Industries Inc &lt;CLEV> that JP
  Industries has submitted a proposal to Clevite for the
  acquisition of the company at 13.50 dlrs per share in cash.
      John Psarouthakis, chairman and president of JP Industries,
  said that the company hopes to promptly negotiate an agreement
  with the special committee of Clevite's board.
      In February, JP Industries said it purchased Clevite's
  engine parts division.
      JP Industries said it is not aware of any other reason for
  activity in its stock.
  

