Precision Partners, Inc. Announces Award of $10 Million, Multi-Year Contract from the US Army - TACOM - for Wholly Owned Subsidiary Mid-State Machine Products, Inc.

    HAZLET, N.J.--Oct. 23, 2002--Precision Partners, Inc. today announced the award of a five-year, $10 million contract to produce forward regenerator housings for the AGT-1500 gas turbine used by the US Army's Tank-Automotive & Armaments Command (TACOM) as the primary propulsion source for its main battle tank, the Abrams M1-A1/2.
    The hardware will be produced at Mid-State Machine's manufacturing facility, located in Winslow, Maine, with deliveries beginning in 2003 and extending through August 2007.
    As the AGT-1500 gas turbines meet their scheduled service life, these components will be used as replacement parts that are integral to the Army's overhaul process. Mid-State Machine made these components for the AGT-1500 during the original equipment build up in the 1980's.
    Alan Dorval, vice president and chief operating officer of Mid-State Machine Products, Inc., said, "During the past eight months Mid-State has been awarded in excess of $12.6 million in contracts by TACOM related to the production of forward regenerator housings for the AGT-1500 gas turbine. Mid-State's success in winning these contracts is a result of our ability to meet demanding quality and delivery requirements while providing competitive pricing."
    Over the years, Mid-State Machine has produced components for a wide variety of industries and projects including power generation equipment, commercial printing presses, controllable pitch marine propulsion systems, chemical pumping systems, microwave transmission equipment, medical system equipment, oil drilling equipment, wind power turbines and a host of defense-related programs for both the Army and the Navy.
    Mid State Machine Products is a wholly owned subsidiary of Precision Partners, Inc., (www.precisionpartnersinc.com) a leading supplier of precision-machined components, tooling and assemblies for original equipment manufacturers ("OEM's") with sales for the year ending December 31, 2001 of approximately $181 million. Precision Partners and its subsidiaries use broad manufacturing capabilities and highly engineered processes to provide a full line of high quality manufacturing and assembly services, including engineering, design assistance, and full supply chain management. All of this is brought together with a total project management philosophy, which insures the ability to meet the critical specifications of customers across a wide range of industries.
    Precision Partners, Inc. is a leading supplier of precision manufactured metal parts, tooling and assemblies for original equipment manufacturers. Its six operating companies, Mid-State Machine Products, Nationwide Precision Products, Gillette Machine & Tool, Galaxy Industries, General Automation and Certified Fabricators, have consolidated revenues of approximately $180 million. The Company's broad manufacturing capabilities and highly engineered processes allow its products to meet the critical specifications of customers across a wide range of industries. Precision Partners has earned "Preferred" or "Qualified" supplier status with most of its customers and is predominately the sole-source supplier of the products it manufactures for its customers.

    NOTE: Press releases and other information related to Mid-State Machine Products, Inc. and Precision Partners Inc. is available on the Precision Partners Corporation World Wide Web Site: http://www.precisionpartnersinc.com