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Permatex Inc. Automotive Products Business Launched

11 August 1999

Permatex Inc. Automotive Products Business Launched -- Acquisitions a Top Priority

    HARTFORD, Conn., Aug. 10 -- Newly formed Permatex(R) Inc.
announced today the acquisition of Loctite's automotive products business from
The Loctite Corporation.  Terms of the sale were not announced.  The Jordan
Company LLC, a New York Investment firm, and its affiliates formed Permatex
Inc., provided the capital and arranged the transaction.  Automotive
Performance Group, Inc. and senior management will also own equity in the new
company.
    Permatex Inc. is a leading manufacturer, distributor and marketer of
premium functional chemical products to the automotive maintenance and repair
markets in North America.
    The Hartford, Conn., company named Pat Formica as president.  Formica, age
48, has substantial experience with Permatex, having been its vice president
and general manager for the past three years.  Formica outlined the company's
growth strategy, which will be centered on acquisitions.
    "We're looking for opportunities to leverage the main strengths of
Permatex by acquiring complementary automotive businesses, products and brands
that we can easily bolt on to our existing framework.  We will then integrate
the acquired businesses into the Permatex organization to rapidly expand sales
and profits," Formica said.
    "The Permatex business was acquired by Loctite two decades ago and was
melded into their larger industrial products oriented organization.  That's
all changed now.  We are back in the marketplace as a purely automotive
products business," he added.
    "Frankly, it is our intention to build this company into an industry
giant," Formica explained.  "In addition to growth through acquisitions, we
also plan to expand our well-recognized products under the Permatex(R), Right-
Stuff(R) and Fast Orange(R) brand names into new categories and markets.
    "Permatex leaves the gate with tremendous assets. We have powerful brands
with leading market shares in substantially all of our core technologies;
strong, long-standing customer relationships; and a highly trained and
effective sales force.  We are supported by an excellent distribution network
and state of the art manufacturing."
    Formica said that the new Permatex business has been very successful in
recruiting top marketing, sales, financial and operations talent.  "We have a
great leadership team in place.  The Permatex management group has deep
automotive aftermarket experience and skills, as well as the entrepreneurial
spirit necessary to implement our aggressive growth plans."
    Permatex markets and sells leading automotive repair and consumer products
sold under a variety of well-recognized brand names, such as Permatex, Right-
Stuff and Fast Orange.