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McLaren Engines Signs Letter of Intent to Acquire Dart Machine Ltd.

30 August 2000

McLaren Engines Signs Letter of Intent to Acquire Dart Machine Ltd.

    LIVONIA, Mich., Aug. 30 McLaren Engines, a subsidiary of
McLaren Performance Technologies , has signed a letter of intent
to acquire Dart Machine Ltd., headquartered in Oldcastle, Ontario, Canada.
McLaren is currently performing due diligence and plans to complete the
acquisition in the fourth quarter of this calendar year.
    McLaren Engines -- a complete powertrain design, fabricating and testing
operation for automotive OEMs -- and Dart -- a privately owned manufacturer of
powertrain components such as cylinder heads and performance parts -- have a
long-standing relationship based upon complementary industry involvement over
the past 19 years.
    "Dart is a solid performer with dedicated employees, and we intend to keep
it that way," said Wiley R. McCoy, president and chief operating officer (COO)
of McLaren Performance Technologies.  "We anticipate no major changes in
Dart's business as it is structured today, other than building upon its
expertise by bringing in additional business and products to grow the
operation.  We believe the synergies between the companies are extensive and
that this will be an extremely positive move for both groups."
    Geoff Owen, General Manager of Dart added, "The fit is perfect, our
manufacturing strengths match precisely the strategic direction which McLaren
wishes to go.  Our company is very excited by the future opportunities this
purchase will afford us."
    This acquisition is expected to enhance McLaren's engine business by
enabling the company to undertake programs that require volume-manufacturing
capability.  It will also expand the company's capabilities by providing a
proven manufacturing venue for its Gerodisc(TM) traction control technology
specifically targeted at the aftermarket and performance markets.