CINCINNATI, February 8, 1995 -- Eagle-Picher
Industries (OTC BULLETIN
BOARD: EPIH.U)" target=_new>http://www.secapl.com/cgi-bin/edgarlink?EPIH">EPIH.U)
today announced that sales for the fiscal year ended November
30, 1994 were $756.7 million compared with $661.5 million in 1993.  Operating
income for 1994 rose to $58.3 million from $43.8 million in 1993.  Net income
was $48.7 million or $4.42 per share in 1994 compared with a loss of $1,157.4
million in 1993.

  The Company recorded a provision in the fourth quarter of 1993 of $1.135
billion to increase the asbestos liability subject to compromise to $1.5
billion.  In addition, a provision of $41.4 million was recorded in 1993 for
environmental and other litigation claims in anticipation of settlement of
such claims.  The Company also adopted Statement of Financial Accounting
Standards No. 106, "Employers' Accounting for Postretirement Benefits Other
Than Pensions," in 1993, resulting in an after-tax charge of $12.6 million.  
These provisions produced the large net loss in 1993.

  On January 7, 1991, Eagle-Picher and seven of its domestic subsidiaries
filed petitions for reorganization under chapter 11 of the U.S. Bankruptcy
Code.  After the close of the fiscal year, the Company advised the U.S.
Bankruptcy Court in Cincinnati, Ohio that, on or before February 28, 1995, it
intends to file a joint plan of reorganization (Plan) in conjunction with the
Injury Claimants Committee (ICC) and the Legal Representative for Future
Claimants (RFC).  The ICC represents approximately 150,000 persons alleging
injury due to exposure to asbestos-containing products that Eagle-Picher
manufactured from 1934 to 1971.  Future asbestos personal injury and other
future toxic tort claimants are represented by the RFC.

  Thomas E. Petry, Eagle-Picher Chairman, said that, "Operationally, 1994 was
a very successful year with sales increasing by 14 percent and operating
income increasing by 33 percent.  This strong performance was led by Divisions
serving the worldwide automotive industry, particularly the North American
market which set record production levels for passenger cars, vans, utility
vehicles, and light trucks. Also, the Company's operations enjoyed increased
market penetration and its European operations performed well.  In the capital
equipment area, the Construction Equipment Division, which manufactures earth
moving machinery and forklift trucks, experienced increased sales and improved
operating results for fiscal 1994 after reporting a substantial loss in 1993.  
Also, Cincinnati Industrial Machinery Division, headquartered in Sharonville,
Ohio, continued to benefit from the expansion of beverage can manufacturing
worldwide.  The Division is the leader in the manufacture of multi-million
dollar can washing and coating machinery for two piece aluminum or steel
beverage and food cans.

  It is the Company's hope that when filed, the Plan will move expeditiously
through the confirmation process.  It is not possible to predict how long this
process will require, but an effective date before the end of 1995 is
possible.  The Company believes that once the plan of reorganization is
confirmed and effective it will enhance Eagle- Picher's ability to serve the
needs of its customers, suppliers, employees, investors, and the communities
in which it operates.  As was indicated earlier, the Company has just
completed an outstanding year. Significant new business was obtained and while
capital expenditures were at a high level, all required capital was generated
internally."

  EAGLE-PICHER INDUSTRIES

  (Data in thousands except per share)

  Three Months ended November 30              1994          1993

  Net sales                                 $195,802      $175,887

  Operating income                            12,737        10,880

  Provision for asbestos litigation,

   environmental and other claims                ---    (1,176,936)

  Other non-operating items                     (280)       (1,521)

  Reorganization items                          (442)       (1,144)

  Income (loss) before taxes                  12,015    (1,168,721)

  Net income (loss)                           11,308    (1,170,695)

  Net income (loss) per share                   1.03       (106.14)

    Average shares                            11,041        11,041

  Year ended November 30 (audited)            1994          1993

  Net sales                                 $756,741      $661,452

  Operating income                            58,281        43,754

  Provision for asbestos litigation,

   environmental and other claims                ---    (1,176,936)

  Other non-operating items                   (1,106)       (2,244)

  Reorganization items                        (3,426)       (4,344)

  Income (loss) before taxes and

   cumulative effect of accounting change     53,749    (1,139,770)

  Cumulative effect of accounting change         ---       (12,598)

  Net income (loss)                           48,749    (1,157,368)

  Net income (loss) per share                   4.42       (104.92)

    Average shares                            11,041        11,031