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Actuant Division Wins New Convertible Top Program

19 December 2000

Actuant Division Wins New Convertible Top Program

    MILWAUKEE--Dec. 18, 2000--Applied Power Inc. d/b/a Actuant Corporation announced today that its Power-Packer division has received a letter of intent to produce the convertible top actuation system for the Volkswagen Beetle convertible. This program is an addition to the programs announced by Actuant on November 13, 2000. The Beetle will be produced in Mexico in a combined effort between Volkswagen and Karmann GmbH, and includes Power-Packer's electro-hydraulic system to actuate the convertible top.
    Commenting on the award, Robert C. Arzbaecher, CEO of Actuant stated, "This award is a very important win for Actuant. First, it represents additional confirmation of the strong growth dynamics of the global convertible top and retractable top automotive markets; this program alone expands the global convertible market by at least 5%. Second, this program represents Actuant's second recent win of a top actuation system to be produced in North America."
    Actuant will be announcing its first quarter earnings for fiscal 2001 on Wednesday, December 20, 2000 prior to the market opening. Additionally, Actuant will be holding a conference call with analysts at 10am CST on December 20, which will be broadcast at www.vcall.com and www.actuant.com.