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Special Devices Inc. Completes Merger

16 December 1998

Special Devices Inc. Completes Merger

    NEWHALL, Calif.--Dec. 15, 1998--Special Devices Inc. , a Newhall-based company that designs and manufactures pyrotechnic devices for the automotive and aerospace industries, Tuesday announced that the merger with an affiliate of J.F. Lehman & Co., a New York-based private equity fund, has been completed.
    As a result of the merger, all outstanding publicly traded shares are converted into the right to receive cash consideration of $34 per share.
    John Lehman, general partner of J.F. Lehman & Co., said: "We are extremely pleased to close the acquisition of SDI and look forward to working with the company's management and employees. We fully expect this world-leading manufacturer to continue its outstanding record of growth and profitability."
    Special Devices is a nationally recognized leader in the design and manufacture of pyrotechnic devices used by the automotive industry for initiators in airbag systems, and by the aerospace industry in tactical missiles and crew escape systems. The company operates facilities in Newhall; Mesa, Ariz.; and Downers Grove, Ill., and employs more than 1,300 people.
    Special Devices has headquarters at 16830 West Placerita Canyon Road, Newhall, Calif. 91321. Telephone 805/259-0753.
    J.F. Lehman & Co., with offices in New York and Virginia, is a private equity firm specializing in investments in the aerospace, engineering and manufacturing industries. The firm has an extensive record of actively assisting its portfolio company management teams in achieving exceptional long-term growth.