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Buyout Proposal For Cherry Corporation

24 April 2000

Buyout Proposal For Cherry Corporation

    WAUKEGAN, Ill., April 24 The Cherry Corporation
(Nasdaq: CHER) today announced that it has received a proposal from Peter
Cherry for the acquisition by Peter Cherry and affiliated trusts and entities
of all of the outstanding common stock not now owned by Mr. Cherry and his
affiliates for $18.75 per share in cash.  Mr. Cherry and his affiliates
currently beneficially own approximately 5,500,000 shares of The Cherry
Corporation common stock, or about 54% of all outstanding Cherry common stock
and have advised the Cherry Corporation Board that they are not interested in
selling their interests in the Company to a third party.  Peter Cherry is the
Chairman and President of The Cherry Corporation.
    The Board of Directors of The Cherry Corporation has appointed a special
committee of the independent directors to consider and respond to the
proposal.  The special committee has engaged Sidley & Austin as independent
legal counsel to assist it in evaluating the proposal and is in the process of
retaining an independent financial advisor.
    The Cherry Corporation manufactures proprietary and custom electrical
switches, sensors, electronic keyboards and controls for the worldwide
automotive, computer, and consumer and commercial markets.  The company has
two operating divisions in the United States and seven wholly owned
subsidiaries in Germany, England, France, Australia, Czech Republic, Mexico
and Hong Kong.  Cherry also has 50-50 joint ventures in Japan, Hirose Cherry
Precision Company Limited, and in India, TVS Cherry Limited.