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Penske Capital Partners Completes Purchase of Truck-Lite

4 November 1997

Penske Capital Partners Completes Purchase of Truck-Lite

    DETROIT, Nov. 4 -- Penske Capital Partners, L.L.C. announced
today that it completed the purchase of Truck-Lite Company, Inc.  On October
15, Penske Capital Partners had agreed in principle with Quaker State
Corporation to acquire Truck-Lite through an affiliate.  Terms of
the agreement were not disclosed.
    This purchase is the first acquisition for Penske Capital Partners, an
investment firm formed earlier this year by Penske Corporation, Chase Capital
Partners, GE Capital Services Equity Capital Group and Aon Corporation.
Penske Capital Partners plans to acquire up to $1 billion of investments over
the next three years, particularly in the Transportation and Transportation
Services Industry sectors.
    Truck-Lite, founded in 1955, is a leading supplier of safety lighting and
wiring to the commercial vehicle market and is the most recognized brand of
lighting in the heavy duty truck and trailer industry.  Truck-Lite had revenue
of $86.7 million in 1996 and its corporate headquarters are located in
Falconer, New York.  The Company employs 900 people at manufacturing plants in
Falconer, New York; and in Wellsboro, McElhattan and Coudersport,
Pennsylvania.  It also operates distribution facilities in McElhattan and
Sacramento, California.  Truck-Lite recently received certification to QS-9000
and ISO-9001.
    Penske Capital Partners is affiliated with Penske Corporation, a closely-
held, diversified transportation services company which conducts its business
through a number of wholly- or partially-owned companies, including Detroit
Diesel Corporation, Penske Truck Leasing Company, Diesel Technology Company,
Penske Automotive Group, Inc., Penske Auto Centers, Inc., and Penske
Motorsports, Inc.  The Penske group of businesses has annual revenues
exceeding $6 billion and employs more than 28,000 around the world.

SOURCE  Penske Capital Partners