Voith to Acquire American-Based Premier-Group

HEIDENHEIM, Germany--Feb. 2, 20055, 2005--Voith Industrial Services, a Group Division of Voith AG, Heidenheim, Germany, intends to purchase Premier, an American-based automotive services company headquartered in Cincinnati. Premier is a subsidiary of Durr AG, Stuttgart, Germany.

The planned acquisition is subject to the approval of relevant anti-trust authorities. Both parties have agreed to maintain strict confidentiality regarding the acquisition price. Premier CEO Harry Nieman will be appointed to the Voith Industrial Services management board. He will maintain supervision of future business transactions of Premier, which will continue to operate under its current name.

Premier is a global provider of manufacturing support services to the automotive industry.

The company's business is concentrated in North and South America and England. Premier achieved sales of approximately $206 (EUR 150) million last fiscal year with a workforce of roughly 5,500 employees. Voith Industrial Services is among the leading European suppliers of technical services with approximately 7,500 employees and sales of nearly $439 (EUR 320) million during the 2003/2004 fiscal year.

With its varying regional operations, long-term customer relations and its product portfolio, Premier ideally complements the activities of Voith Industrial Services. Additionally, the acquisition of Premier constitutes an important move within the globalization strategy of Voith Industrial Services. With this acquisition, Voith Industrial Services, previously represented mainly in Germany and neighboring European countries, will attain an international position within the automotive industry.

Voith and Durr plan to continue their close co-operation in providing services to automotive companies beyond the completion of the planned transaction.

Voith is setting standards in paper technology, power transmission, energy technology and industrial services. Founded on 1 January 1867, with approximately 24,000 employees, a turnover of $4.5 (EUR 3.3) billion and 200 locations worldwide, Voith is one of Europe's large family-owned companies.