Arvin Expands Relationship With Midas

30 July 1999

Arvin Expands Relationship With Midas

    COLUMBUS, Ind.--July 30, 1999--Arvin Industries, Inc. , today announced that it has entered into an agreement which significantly expands its relationship with Midas, Inc. . This agreement makes Arvin the largest replacement exhaust pipe manufacturer in North America.
    Arvin Chairman, President and Chief Executive Officer V. William Hunt said, "We are delighted with this significant expansion of the growing strategic partnership between Arvin and Midas. We will be able to double the exhaust pipe volume at our Loudon, TN, plant and ensure that we are the cost and quality leader for all of our customers. This alliance marks another significant milestone in our growth strategy which is based on growing with our existing customers. We now supply Midas with the full array of Arvin replacement products, including exhaust, ride control, filters and catalytic converters. We look forward to continued growth with Midas," Hunt explained.
    "This is a win-win situation for both companies," said Wendel H Province, Midas' Chairman and Chief Executive Officer.
    "Midas is assured of a continuing supply of high quality exhaust products for its more than 2,100 Midas shops in North America and its independent wholesale customers," Province said. "Also, our exhaust product cost will be predictable in times of fluctuating demand for exhaust products."
    "With this agreement, Arvin takes another step in its previously announced strategic plan to double its 1998 sales and profits by 2003. Since announcing the goal in 1998, we have announced several strategic initiatives including the Arvin/Kayaba joint venture, the WorldSource acquisition, the investment in Zeuna Starker, the acquisition of Purolator, and now the expanded Midas relationship. We are aggressively pursuing our goals and firmly believe that we will be successful," Hunt concluded.
    Certain information and statements included or implied are forward-looking and involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These forward-looking statements are identified by their use of terms and phrases such as "expected," "expect," "should," "plans," "estimated earnings," "anticipate," and "believe." Information about potential factors identified by the Company, which would affect the actual financial results, are included in the Company's Form 10-K, filed March 4, 1999, with the SEC.
    Arvin Industries, Inc., is a global manufacturer of automotive components with over 60 manufacturing facilities and eight technical centers located in 21 countries. Arvin is a leading manufacturer of automotive exhaust systems; ride control products; air, oil and fuel filters; and gas charged lift supports. Our replacement products are sold under various trademarks including Arvin, Maremont, Timax, ANSA and ROSI exhaust systems; Gabriel shock absorbers; Purolator filters; and StrongArm gas charged lift supports.
    For more information on Arvin Industries via the Internet, visit our Corporate Home Page at http://www.arvin.com or our Corporate News on the Net site at http://www.businesswire.com/cnn/arv.shtml. For information via fax, please call our News On Demand service at 888-622-1161.