Engineered Components Business Unit Sold; Name Changes to Tinnerman Palnut Engineered Products, LLC

    BRUNSWICK, Ohio--Dec. 6, 2001--Officials at the Engineered Components subsidiary of TransTechnology Corporation today announced the business has been sold to a company formed by affiliates of Kohlberg & Company, effective December 5, 2001.
    The purchase of the business will create a privately held company with a new name: Tinnerman Palnut Engineered Products, LLC. The new company will be led by Stan Erman, who will remain on as President and CEO. The business will continue to be headquartered in Brunswick, Ohio, near Cleveland. In addition to Brunswick, Tinnerman Palnut Engineered Products has manufacturing facilities in Hamilton, Ontario (Canada); Massillon, Ohio; and Mountainside, New Jersey.
    In commenting on today's announcement, Tinnerman Palnut Engineered Products President, Stan Erman said, "We view this change in extremely positive terms. Our new primary equity partner is committed to help management grow our business in strategic markets. Both Tinnerman(R) and Palnut(R) brand names are synonymous with quality, and both have been leaders in the fastener industry for more than 70 years. Going forward, we will have a virtually unchanged employee team in the areas of manufacturing, marketing and engineering. This is a team that has consistently demonstrated an ability to add value to our customers' product offerings, on a profitable basis."
    Tinnerman Palnut Engineered Products is a world leader in the design and production of sophisticated engineered spring steel and plastic component solutions. The company offers over 10,000 spring steel, plastic and component designs, the broadest product line in the industry, as well as retaining rings, automotive lighting assemblies, plastic components and related products. Additional information on Tinnerman Palnut Engineered Products can be found on the Internet at www.tt-ec.com.