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Hilite Industries, Inc. Completes Asset Purchase of Acutex Division of SPX

2 August 1999

Hilite Industries, Inc. Completes Asset Purchase of Acutex Division of SPX Corporation

    CLEVELAND, Aug. 2 -- Hilite Industries, Inc. today announced
it has completed its purchase of the assets of Acutex Division of SPX
Corporation.  In completing its purchase of Whitehall, Michigan-based Acutex,
Hilite has substantially expanded its ability to serve automotive original
equipment manufacturers and first-tier suppliers to the automotive industry.
Hilite, with sales now approximating $150 million after giving effect to the
purchase of Acutex, designs, manufactures and sells a diversified line of
highly engineered components and assemblies for the automotive industry
including solenoid valves for motor vehicle automatic transmissions, 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 purchase of Acutex by Hilite is another step in the acquisition
initiative of the Cleveland-based investment firm of Carreras, Kestner & Co.,
L.L.C., which acquired the controlling interest in Hilite for $94 million in
June 1999.  As previously reported, the strategy of Carreras, Kestner & Co. is
to purchase control positions in middle market companies and corporate
spinoffs.  "Our investments are targeted to identify and acquire well managed
manufacturers of highly engineered products, such as Acutex, who serve
automotive niche markets offering above average growth potential," said Joseph
W. Carreras, a principal of the firm.  "Acutex's excellent niche position in
solenoid valve products and its transmission expertise complement Hilite's
technology in braking systems," Carreras added.
    Hilite's customers presently include all three domestic automotive
companies:  Ford Motor Company, General Motors Corporation and DaimlerChrysler
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 Michael T. Kestner at 216-771-6700 or access
Hilite Industries, Inc.'s website at http://www.hilite-ind.com .