Hilite Industries, Inc. Commences Self-Tender
4 May 1999
Hilite Industries, Inc. Commences Self-Tender
CARROLLTON, Texas, May 4 -- Hilite Industries, Inc.
("Hilite") today announced that in accordance with the
previously announced agreement with an investment group led by Cleveland-based
Carreras, Kestner, Hilite commenced a tender offer to acquire all of its
outstanding shares of common stock at $14.25 per share. The offer and
withdrawal rights will expire at 12:00 midnight, New York City time, on
Friday, May 28, 1999, unless the offer is extended. The offer is subject to
certain conditions which are described in an offer to purchase currently being
mailed to all holders of Hilite common stock. Continental Stock Transfer &
Trust Company will act as depositary for the offer, Morrow & Co., Inc. will
act as information agent for the offer and First Union Capital Markets Corp.
will act as dealer manager for the offer.
Hilite Industries, Inc. designs, manufactures and sells a diversified line
of highly engineered components and assemblies for the automotive industry
including brake proportioning valves, electromagnetic clutches, machined
components such as mounting brackets and pulleys, and specialty components and
assemblies such as stampings, specialty springs and automated assemblies. The
Company's customers include all three domestic automotive companies: Ford
Motor Company, General Motors Corporation and Daimler Chrysler Corporation as
well as other original equipment manufacturers such as Navistar International
Transportation Corporation and non-automotive companies such as Motorola, Inc.
The Company also sells products to first-tier suppliers of the automotive
industry including Borg-Warner Corporation, Bosch Braking Systems Corporation,
Denso of Los Angeles, Inc. and ITT Automotive of North America, Inc.
For further information call Investor Relations at 972-466-0475 or Morrow
& Co., Inc., the information agent at 800-566-9061 or access Hilite
Industries, Inc.'s website at http://www.hilite-ind.com.