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TI Group Completes the Acquisition of 51% Stake in Marwal

4 October 1999

TI Group Announces the Completion of the Acquisition of 51% Stake in Marwal for $73m

    NEW YORK--Oct. 4, 1999--UK-based TI Group plc, the global specialized engineering company, today announced that following the receipt of regulatory approval, it had completed the acquisition of the outstanding 51% equity interest in Walbro's Marwal joint venture from Magneti Marelli. The purchase consideration of $73m brings an additional $190m of consolidated sales and, as previously announced, is expected to be earnings enhancing in the first full year of ownership.
    Marwal, headquartered in Chalons-en-Champagne, France, manufactures fuel pumps and modules for automotive fuel systems. It has manufacturing operations in three countries and over 1,000 employees. Marwal will be integrated into TI Group Automotive Systems, formed following the acquisition of Walbro Corporation.
    Allen Welsh, Chief Executive TI Group Automotive Systems, commented:
    "We are very pleased to have completed the acquisition of the outstanding equity interest in Marwal. We have now completed the Walbro product range on a global basis, and look forward to meeting growing customer demand for the supply of complete fuel storage and delivery systems. Marwal will be rapidly integrated into TI Group Automotive Systems, and will play an important role as we accelerate the growth of our business."

    NOTES TO EDITORS:

    TI Group plc, listed on the London Stock Exchange, is one of the world's leading specialized engineering companies. Headquartered in the UK, the Group operates on a global basis and employs over 40,000 people at more than 450 manufacturing and customer facilities in over 45 countries.
    TI Group Automotive Systems is one of TI Group's four world leading businesses, the others being John Crane (engineered sealing systems), TI Group Specialty Polymer Products (engineered polymer solutions) and Dowty (aerospace systems). Group sales revenue in 1998 was $3.5 billion, of which 45% was North America, 27% Continental Europe, 20% UK and 8% Rest of the World.
    A detailed description of TI Group and its businesses can be found on the company's web site at www.tigroup.com.