Prestolite Electric Sells Three Business Units to AMETEK

7 August 2000

Prestolite Electric Sells Three Business Units to AMETEK

    ANN ARBOR, Mich.--Aug. 7, 2000--Prestolite Electric Incorporated today announced the sale of its switch, industrial battery charger and direct current (DC) motor businesses to AMETEK, Inc. for approximately $60 million in cash.
    The acquired businesses had 1999 sales totaling $71 million and employ more than 500 people at six locations worldwide.
    The businesses sold are Prestolite's Switch Division, which produces contactors, solenoids and other electromechanical devices for the telecommunications and material handling markets; Prestolite's Industrial Battery Charger Division, which manufactures high-quality industrial battery chargers sold under the Hobart and Prestolite Power brand names; and Prestolite's DC motor business, which produces drive motors used in hydraulic pumps, winches, and in electric-powered industrial vehicles including lift trucks.
    "By selling these businesses we will be able to improve the company's focus on our core alternator and starter motor products," said Prestolite president and CEO P. Kim Packard. "At the same time we believe that AMETEK's focus on electromechanical products enhances the growth opportunities for these businesses." Prestolite intends to use the proceeds of the sale to reduce debt and to invest in its core business.
    AMETEK is a leading global manufacturer of electronic instruments and electromechanical equipment with 1999 sales of $925 million. The common stock of AMETEK is a component of the S&P 400 mid-cap index and the Russell 2000 growth index.
    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.

    This release contains forward-looking statements that involve risks and uncertainties regarding the anticipated financial and operating results of the Company. The Company undertakes no obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this release. The Company's actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, the Company.