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TI Group Announces US$350 Million Bundy Bolt-On

31 March 1998

TI Group Announces US$350 Million Bundy Bolt-On

    ABINGDON, England, March 30 -- TI Group, the global
specialized engineering company, today announced the U.S.$350 million (212
million Pounds) purchase of S&H Fabricating & Engineering, Inc. (S&H), a
U.S.-based market-leading manufacturer of powertrain fluid handling systems.
The business is being acquired debt-free and the transaction is subject to
regulatory clearances.
    S&H is complementary to Bundy's existing brake and fuel systems
businesses.  It conforms with Bundy's strategy, bringing a significant
position in the important and fast growing automotive powertrain fluid
handling markets which comprise mainly air conditioning, oil cooling and power
steering applications.
    Privately owned S&H is headquartered in Fort Lauderdale, Florida and has
twelve manufacturing plants in the U.S., Mexico, Canada and Germany with 2,700
employees.  Its sales are primarily to customers in the U.S. automotive market
where S&H is the market leader in automotive air conditioning fluid carrying
systems.  At December 31, 1997 its net assets were U.S.$65 million
(39 million Pounds).
    On completion of the acquisition, anticipated in April 1998, S&H will form
part of the Bundy Group which last year reported sales of U.S.$1.2 billion
(740 million Pounds), and will trade as Bundy-S&H.  The acquisition is
expected to enhance TI Group's earnings in the current year.  Under TI Group's
ownership, S&H's activities in the important powertrain markets can be
expanded globally through Bundy's existing network.
    Bill Laule, chief executive of TI Group, commented, "The powertrain fluid
handling markets are a natural extension for Bundy's activities.  S&H has a
leading position in these markets in the U.S. and offers a tremendous
globalization potential.  Its businesses are cost competitive, have a strong
management team and will accelerate Bundy's growth."

    COMPANY BACKGROUND
    TI Group, the global specialized engineering company, headquartered in the
United Kingdom, employs 25,500 people at over 350 manufacturing and customer
facilities located in 46 countries, and in 1997 had sales of U.S.$3.1 billion
(1.9 billion Pounds).  TI Group's world leader businesses are John Crane,
Forsheda Polymer Engineering, Bundy and Dowty.
    Based in Abingdon, Oxfordshire, in the UK, Bundy Group is the world leader
in fluid carrying systems for the automotive and refrigeration industries.
The business employs over 12,000 people in 27 countries and has over 95
facilities.

SOURCE  TI Group plc