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Eagle-Picher Hillsdale Division Acquires Carpenter Enterprises

14 April 1999

Eagle-Picher Hillsdale Division Acquires Carpenter Enterprises for $71.5 Million EAGLE-PICHER AUTOMOTIVE Engine covers and steering knuckles are among the products manufactured by Carpenter Enterprises. The company was acquired by Eagle-Picher Automotive's Hillsdale Division. (PR NewsFoto) [PH] HILLSDALE, MI USA 04/14/1999    

    HILLSDALE, Mich., April 14 -- Eagle-Picher Automotive's
Hillsdale Division has acquired Traverse City, Mich.-based Carpenter
Enterprises, expanding its component design and manufacturing offerings for
engine, chassis and suspension systems. The purchase price is estimated at
$71.5 million.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19990414/CLW023 )
    "Carpenter Enterprises is a strategic addition to our corporation," said
Andries Ruijssenaars, Eagle-Picher Industries president and chief executive
officer.  "This acquisition illustrates the commitment of Eagle-Picher to
growing the business, not just by purchasing companies but by seeking the
ideal types of businesses which will enhance the overall technologies, value
and product lines offered to our customers."
    "This is an excellent marriage of products, processes, customers and
capabilities," said William Oeters, president of Eagle-Picher Automotive's
Hillsdale Division.  "Carpenter's products and manufacturing processes are
quite complementary to ours.  In addition, we share a similar 'corporate
culture' in that we are customer focused, dedicated to the highest quality
operations, strong in both technology and manufacturing, and have a lean
management philosophy.
    "We have both been leaders in our niche markets, so our combined
operations will be even stronger in those areas, as well as in entirely new
market applications.  This also allows further growth with international
customers, both in North America and worldwide," Oeters said.
    Hillsdale Division is the leader in the development and manufacture of
transmission oil pump systems and torsional and linear vibration damping
systems.  In addition, the division manufactures driveline products and
precision machined components.  Carpenter machines such engine products as
front engine covers, connecting rods, intake/exhaust manifolds and engine
bracketry; and conducts machining and assembly of chassis and suspension
system products including front and rear knuckles, wheel spindle housings and
damper forks.
    Carpenter Enterprises was established in 1974 in Fenton, Mich., to supply
General Motors Corporation with precision machined components.  The company
soon expanded its operations to Traverse City, and its customer base to
include both OEMs and Tier One suppliers.  Today Carpenter Enterprises
operates two facilities in Michigan (in Traverse City and a new plant in Mt.
Pleasant) with a total manufacturing capability of approximately 300,000 sq.
ft., and employs 324.  The company provides low to high volume, robotic-
assisted machining of ferrous and non-ferrous castings and steel and powdered
metal forgings.  Carpenter's annual sales are $130 million.
    With the addition of Carpenter Enterprises, Hillsdale Division consists of
12 manufacturing facilities.  Hillsdale operates six facilities in the
Hillsdale, Mich., area and has operations in Hamilton, Ind., Manchester,
Tenn., San Luis Potosi, Mexico, and Tamworth, United Kingdom.  The division is
the only North American damper manufacturer with custom rubber compounding and
advanced manufacturing capabilities.
    In addition, Hillsdale operates a 16,000 sq. ft. technical center
dedicated to damper development, engine and chassis dynamometer testing, a
comprehensive vibration control test laboratory, a metallurgical laboratory,
prototype machining facilities and CAD/CAM/FEA capabilities.  Hillsdale also
has a powertrain pump technologies team capable of design, development and
testing of a variety of oil and hydraulic pump systems.
    Hillsdale Division is one of six Eagle-Picher Automotive business units.
The others include Fluid Systems Division, Brighton, Mich.; Michigan
Automotive Research Corporation (MARCO) Division, Ann Arbor, Mich.; Ross
Aluminum Foundries Division, Sidney, Ohio; Rubber Molding Division, Norwich,
Conn.; and Wolverine Gasket Division, Inkster, Mich.
    Eagle-Picher Automotive's international operations include Eagle-Picher
Hillsdale, Ltd., and Eagle-Picher Fluid Systems, Ltd., in England; Eagle-
Picher Industries Europe B.V. in The Netherlands; Eagle-Picher Automotive GmbH
and Eagle-Picher Wolverine GmbH in Germany; Eagle-Picher Rubber Molding S.A.
in Spain; and Eagle-Picher Far East in Japan.  Contact Eagle-Picher Automotive
and its divisions at http://www.epcorp.com.