Thermal Components to Consolidate Duncan, South Carolina Operations

6 September 1999

Thermal Components to Consolidate Duncan, South Carolina Plant Operations Into Alabama Production Facilities; Production Launch of New Product Line Planned

    MONTGOMERY, Ala.--(AutomotiveWire)--Sept. 3, 1999--Thermal Components today announced that it will consolidate its Duncan, South Carolina plant with its Montgomery, Alabama operations, where its headquarters, Technical Center and principal manufacturing facilities are located.
    This move was initiated to take advantage of its much larger, lower cost and QS-9000 certified operations in Alabama. The Duncan facility currently produces less than 10% of Thermal Components tubing sales.
    Additionally, the Company's move was made to bring the full production launch of its new condenser manifold product line in closer proximity to its Technical Center, which led the condenser manifold product development process. The Company will use existing space at its Montgomery location and expects to begin hiring new production workers yet during 1999.
    The Company said that it will close the South Carolina facility in a phase-out expected to be completed by 1999 year-end. The Duncan facility employs 50 associates and the Company said that it will work with these employees to ease the transition, including offering a severance package to eligible employees.
    Daniel L. Seaman, Thermal Components President and CEO, said, "Although the resulting cost efficiencies are important in today's competitive market, we deeply regret the impact the Duncan plant closure will have on our employees. At the same time, we are excited about the start-up of our new automotive and residential air conditioning condenser manifold line. This new line is a natural fit given our strong technical and manufacturing capabilities in the heat exchanger technology arena and we are optimistic about the significant growth opportunities ahead."
    "Thermal Components continues to build a leadership position in the heat exchanger marketplace," said Seaman. "With the July acquisition of Racine, Wisconsin-based Thermal Transfer, which manufactures a broad range of industrial and vehicular oil coolers, we significantly broadened our heat exchanger product offering. Similarly, the introduction of our manifold condenser product line in our tubing business further improves our overall market position and helps extend our reach into residential HVAC. In each case, we see important opportunities to both build our customer base and substantially grow revenues."
    Thermal Components, headquartered in Montgomery, Alabama is a specialized manufacturer of heat exchangers and heat exchanger components including radiators, charge air and oil coolers, manifolds, condensers and both aluminum and copper/brass tubing. Thermal Components business units also includes a 50/50 joint venture with Mitsubishi Aluminum, Thermalex, which manufactures extruded aluminum tubing used in automotive air conditioning condensers. It has operations in Michigan, Wisconsin, Alabama and in Dortmund, Germany.
    Thermal Components is a subsidiary of Insilco Holding Co. (OTC BB:INSL). Insilco, based in suburban Columbus, Ohio, is a diversified manufacturer of industrial components and a supplier of specialty publications. The Company's industrial business units serve the automotive, electronics, telecommunications and other industrial markets, and its publishing business serves the school yearbook market. It had revenues in 1998 of $535.6 million.
    Further media inquiries should be directed to Melodye Demastus at Melrose Consulting in Columbus, Ohio at (614) 771-0860.
    Information about the products and services offered by the Thermal Components businesses can be obtained by contacting: Phil Halt, Director - New Product Sales in Montgomery, Alabama at (334) 244-9240, extension 111.