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Krupp Signs Letter of Intent to Acquire Crankshaft Business of Atlas

12 February 1999

Krupp Signs Letter of Intent to Acquire Crankshaft Business of Atlas Crankshaft Corporation From Cummins Engine Company

    COLUMBUS, Ind--Feb. 11, 1999--Cummins Engine Co. and Krupp Hoesch Automotive GmbH today announced that they have signed a letter of intent for Krupp to acquire the crankshaft business of Atlas Crankshaft Corporation, a Cummins subsidiary located in Fostoria, Ohio. Atlas, which manufactures crankshafts and camshafts for Cummins heavy-duty and high-horsepower diesel engines, was acquired by Cummins in 1958.
    Cummins Vice-President Larry O. Moore said, "The announcement today is part of our ongoing efforts to focus and streamline our manufacturing operations."
    The proposed transaction is subject to the completion of due diligence, the execution of a definitive purchase agreement and certain other conditions. It is presently anticipated that the transaction will be completed in the second quarter of this year. Terms were not disclosed.
    Krupp Hoesch Automotive, headquartered in Bochum, Germany, has several operations in the U.S. and is one of the worldwide leading suppliers to the automotive industry with sales of approximately $2.4 billion. Krupp's home page on the Internet can be found at http://www.krupp.com.
    Cummins, headquartered in Columbus, Ind., is the world's largest producer of diesel engines above 200 horsepower. The company provides products for customers in its key markets: engines, including automotive and industrial, power generation, and filtration. Cummins reported record sales of $6.3 billion in 1998. Cummins' home page on the Internet can be found at http://www.cummins.com.