Hilite Purchases Ebea S.A. in the First Step of it's European Expansion

Hilite Industries, Inc. Purchases Ebea S.A. in the First Step of it's European Expansion

    CLEVELAND, Aug. 6 Hilite Industries, Inc. today said it
has completed the acquisition of 100% of the shares of EBEA S.A. through its
newly-formed affiliate Hilite International, Inc. Terms of the agreement were
not disclosed.
    With sales of approximately $50 million, the Marnaz, France-based EBEA
specializes in close tolerance machining and assembly of highly-engineered
automotive and electrical components.  EBEA's products are sold to major
European and US automotive OEMs and Tier I parts producers for use in motor
vehicle engines and transmissions.  The company's products are also utilized
by major electrical components providers.
    Hilite designs, manufactures, assembles, tests and sells a diversified
line of highly-engineered components and assemblies for the automotive
industry including solenoid valves, electromagnetic clutches, brake
proportioning valves and complex stampings.  With the acquisition of EBEA,
Hilite has grown from 3 locations with $90 million in revenues in 1999 to
8 locations with revenues of over $225 million today through internal growth
and its acquisition strategy.
    "This acquisition is a first step in Hilite's strategy of providing
customers with a global source for transmission, engine and transfer case
component solutions," said Joseph W. Carreras, Chief Executive Officer of
Hilite Industries, Inc. and Hilite International.  "The acquisition of EBEA
builds on our strong track record of acquiring excellent companies,
integrating them into the Hilite family, and expanding the individual
company's customer and product opportunities," Carreras added.
    EBEA's Mr. Jean-Marc Bouverat noted that "EBEA's thirty years of history
has been characterized by strong customer relationships. The partnership with
Hilite will take our operations and customer services to a still higher
level."