IVACO: Agreement Signed for Sale of IPEX

5 July 1999

IVACO: Agreement Signed for Sale of IPEX

    MONTREAL--July 2, 1999--Ivaco Inc. (ME:IVA.) (TSE:IVA.) and Scepter Holdings Inc. announce that they have entered into a definitive purchase agreement for the sale of IPEX Inc. to Glynwed International PLC of Birmingham, England.
    The purchase price is $520 million. IPEX is equally owned by Ivaco and Scepter.
    Paul Ivanier, President and Chief Executive Officer of Ivaco said that completion of this transaction will fulfill to a large extent Ivaco's plan to substantially reduce its long-term debt. Ivaco will receive $260 million in cash for its holdings in IPEX, and a large one-time gain will be recorded from this transaction.
    When the proceeds from the IPEX sale are combined with the approximately Cdn $100 million from the sale of the Atlanta property, expected later this year or early next year, Ivaco's long-term debt could be almost eliminated.
    Glynwed International PLC is a publicly held company. Its shares are listed on The London Stock Exchange.
    The purchase is subject to regulatory approvals and simple majority approval by Glynwed's shareholders. The transaction is expected to close during August 1999.
    Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products, plastic pipe and fittings and precision machined components. Ivaco has operations in Canada and the United States. Shares of Ivaco are traded on The Toronto Stock Exchange and The Montreal Exchange (IVA).