Graco Announces Management Changes; Board of Directors Searches for President & CEO; George Aristides Elected Chairman of the Board

    MINNEAPOLIS--March 19, 2001--Graco Inc. today announced that it is conducting an outside search for a new President & Chief Executive Officer and that as a result, the following changes in management will be effective on April 2, 2001:
    Dale D. Johnson, age 46, has been named Vice President of the Contractor Equipment Division. Mr. Johnson has been with the Company for 24 years and has held a number of positions within the Contractor Equipment organization. In light of this new assignment, Mr. Johnson will not remain on the Board of Directors.
    Charles L. Rescorla, age 49, has been named Vice President of the Industrial/Automotive Equipment Division. In his 12 years with Graco Mr. Rescorla has held several positions, including Director of Engineering for Industrial/Automotive, and was most recently the Vice President of Manufacturing.
    Patrick J. McHale, age 39, has been named Vice President of Manufacturing. In his 11 years with Graco, Mr. McHale has held a number of positions, including Vice President of Contractor Equipment, Vice President of Lubrication Equipment, and several factory management positions.
    Graco's CEO George Aristides said, "Dale Johnson has a proven track record of leadership in CED and has intimate knowledge of the customers and the market. We have expanded Dale's role - in addition to leading sales, marketing and engineering, he will also be responsible for the manufacturing of Contractor products. Chuck Rescorla has demonstrated his ability and leadership in the manufacturing organization for the past 7 years. His experience in manufacturing, engineering and his knowledge of the products, markets, channels and users make him highly qualified for this new position. Pat McHale has deep roots and long experience in manufacturing and is well qualified for his new assignment. Pat understands Graco's manufacturing philosophy, culture and processes and has demonstrated his leadership skills over the past 11 years."
    The Board of Directors also elected Mr. Aristides Chairman of the Board, effective May 1, 2001. Mr. Aristides will remain CEO until a new person is found. David Koch will become Chairman Emeritus and remain on the Board.

    Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.