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MascoTech Announces Two Acquisitions

31 July 1998

MascoTech Announces Two Acquisitions

    TAYLOR, Mich., July 30 -- MascoTech, Inc. today
announced the completion of two acquisitions that will expand its presence in
the global market for industrial container closures.
    MascoTech has acquired in a private transaction the Gruppo Tov group of
companies with manufacturing facilities in Valmadrera, Italy.  Gruppo Tov is a
leader in the European industrial container market for rings, locking levers,
steel drum closures and related specialty equipment for automation and
tooling.  Gruppo Tov will be affiliated with MascoTech's subsidiary, Rieke
Corporation, which serves the global container market for closures and
dispensing systems.  The purchase of Gruppo Tov further positions Rieke as a
full service supplier of closures and locking levers, and enhances Rieke's
ability to meet the global sourcing requirements of its industrial container
customers.
    In a separate transaction, MascoTech has also acquired certain assets
relating to the production and sale of closures for industrial containers.
This purchase provides MascoTech the potential for further expansion of its
product lines and increased penetration of its North American and
international markets.
    These two transactions are expected to add over $20 million to MascoTech's
1999 revenue.  "We are very pleased that Gruppo Tov has decided to join the
MascoTech family of companies.  These acquisitions serve to broaden our
product lines and enable us to better serve our customers on a global basis,"
said Frank M. Hennessey, MascoTech's Vice Chairman and Chief Executive
Officer.
    MascoTech is a diversified manufacturing company with world-leading metal
forming process capabilities and proprietary product positions serving
transportation and industrial markets.