UNOVA Further Reduces Debt Levels

    WOODLAND HILLS, Calif.--June 5, 2001--UNOVA Inc. today announced that it had successfully completed a reversion of its defined-benefit pension plan yielding net proceeds of more than $100 million.
    As a result, the company intends to reduce its outstanding debt by an equal amount by June 8, 2001, within the terms of its current banking agreement.
    The successful action will allow UNOVA to reduce the loan's commitment level to less than $200 million, avoiding additional fees and borrowing costs.
    "This action is another demonstration of UNOVA's ability to improve its financial position by reducing debt and interest expense," said Michael E. Keane, chief financial officer. "This action is another important step in our plan to access new, long-term financing solutions."