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Prestolite Electric Negotiating Sale of Businesses

3 August 2000

    ANN ARBOR, Mich. - Prestolite Electric Incorporated announced Wednesday that it is negotiating the sale of its switch, industrial battery charger and direct current (DC) motor businesses to an unnamed buyer. The acquired businesses had 1999 sales totaling $71.3 million and employ more than 500 people at six locations worldwide.

    The businesses being sold are the Company's switch business, its battery charger business, and its direct current motor business. In January 2000 the Company had announced that it was attempting to sell the battery charger and direct current motor businesses.

    Prestolite Electric Incorporated manufactures alternators and starter motors. These are supplied under the Prestolite Electric, Leece-Neville and Indiel brand names for original equipment and aftermarket application on a variety of vehicles and industrial equipment. Genstar Capital Corporation and management own all the equity of Prestolite Electric Holding, Inc. which owns 100% of Prestolite Electric Incorporated.