Corteco Acquires Precision Automotive Industries

Takes on Aftermarket Hubs, Bearings and Seals Product Line

PLYMOUTH, Mich., May 12 -- Corteco continues to strengthen its position as a major supplier in the automotive aftermarket with the acquisition of Precision Automotive Industries (PAI), the Burnsville, Minn.- based supplier of bearings and seals. Terms of the agreement were not disclosed.

"This product line addition is a natural fit with our current offering of engine gaskets, mounts and power steering hoses," said Phillip A. Damaska, president of Corteco, the aftermarket business of Freudenberg-NOK. "We intend to grow this product offering of hubs, bearings and seals by developing industry leading coverage, producing superior products with appropriate marketing support and providing excellent product delivery."

PAI product distribution will currently continue to be handled at the Burnsville location, allowing customers to use the same procedure as before to place orders.

Corteco is the aftermarket business of Plymouth, Mich.-based Freudenberg- NOK, a joint venture between Freudenberg & Co. of Germany and NOK Corp. of Japan.

Freudenberg-NOK is a leader in both automotive sealing and NVH products and is a supplier to all automakers producing in North America, as well as major tier one chassis and drivetrain suppliers. The company's headquarters and technical center houses the most extensive supplier-operated sealing and noise and vibration testing facility in North America.

Corteco's family of products include: WhiteSeal Technology(TM) engine gasket kits and components; engine/transmission mounts; Omega(TM) power steering hoses and TransTec(R) transmission and power steering repair kits.

For more information, visit Corteco's web site at www.corteco-na.com or the Freudenberg-NOK web site at www.freudenberg-nok.com .