TI Automotive Moves Towards Becoming an Independent Company

    OXFORDSHIRE, England, July 3 TI Automotive, the world's
leading supplier of fluid transfer, storage and delivery systems to the
automotive industry, has moved one step further towards independence following
today's successful demerger from Smiths Group plc.
    As part of a multi-million dollar deal, TI Automotive is now owned by
former TI shareholders (55.1%), the automotive division management team (25%)
and Smiths Group plc (19.9%), the UK-based company that merged with TI Group
earlier this year.  At the time of the merger, Smiths signaled that it would
seek a buyer for TI Automotive, which did not fit with its long term strategy.
    The move towards independence is designed to offer existing and
prospective automotive customers a clearer business focus and a greater
responsiveness in order to consolidate and maintain TI Automotive's market
leading position in value-added fuel, braking and air conditioning systems.
    The management team who will run the business has more than 200 years
industry related experience and will be headed up by Bill Laule as chief
executive officer.
    "We are a market leader with a strong financial history and a clear vision
of where we are going.  We are the only company that has the ability to
design, test and manufacture complete fuel systems," said Laule.
    "We work with the world's leading vehicle manufacturers as a partner of
choice and consequently have a strong order book throughout 2002, 2003 and
beyond.  Our experienced management team will now build on this position,
which will enable us to deliver benefits to our employees, customers and
shareholders," he added.

    TI Automotive is the world leader in fluid carrying and powertrain systems
to the automotive and refrigeration industries with a global market share of
approximately 20 percent.
    The company employs more than 20,000 people across more than 150
facilities worldwide.  It provides fuel systems, brake and fuel bundles,
powertrain and air conditioning systems to the world's leading vehicle
manufacturers, as well as providing complete fluid carrying systems capability
for the worldwide refrigeration industry (Bundy Refrigeration) and engine
management systems to the small engine market (Walbro Engine Management).