Mergers & Acquisitions

Eriez® Acquires Complete Ownership of Eriez MBE India Limited (EMIL)

Original Press Release

Eriez® Acquires Complete Ownership of Eriez MBE India Limited (EMIL)

Press release date: April 9, 2008

Erie, Pa-- Eriez® announces that the company is now the sole owner of Eriez MBE India Limited (EMIL). Previously, Eriez held 60 percent of EMIL's shares and McNally Bharat Engineering, India owned the remaining 40 percent. After a mutual agreement, Eriez transferred land to McNally Bharat Engineering in exchange for the company's shares in EMIL. EMIL's manufacturing facility, which was formerly located in Bangalore, moved to Chennai earlier this year. Partha Venkatraman, Director of Business Development, explains that the move to Chennai is already proving advantageous. "Chennai has a strong industrial base that is helping EMIL source custom-made parts for our products," he said. EMIL, fully equipped to handle the complete line of Eriez products including permanent magnets, suspended electromagnets, magnetic separators for minerals processing, vibratory feeders and conveyors and metal detectors, has experienced extensive sales growth since its inception in 1999. Eriez' decision to purchase the totality of EMIL's shares underscores its belief in the growth potential of the company and its commitment to expanding its activities in India to increase the company's global presence and more effectively serve its worldwide customer base. "We recognize and appreciate that our partnership with McNally Bharat Engineering has been a significant factor in the establishment and development of EMIL," said Tim Shuttleworth, Eriez President and CEO. "On behalf of the entire Eriez family, I would like to thank McNally Bharat Engineering for their years of partnership and support." He added, "We very much look forward to this new beginning as the sole owner of EMIL and have the utmost confidence in its continued success." Eriez Global Presence Through innovation, organization and diversification, Eriez has evolved into a technologically advanced, financially sound, international company with manufacturing facilities in Australia, Brazil, Canada, China, Europe, India, Japan, Mexico and South Africa, as well as its Erie, Pennsylvania, U.S.A. headquarters. Eriez has sales offices across the United States and some 80 international markets on six continents. Customers are assured of consistent product quality and fast response from whichever plant is closest to them. Eriez sales engineers and service teams throughout the world reflect the same customer-oriented philosophy. Eriez is recognized as world authority in advanced technology for magnetic, vibratory and inspection applications. The company's magnetic lift and separation, metal detection, x-ray, materials feeding, screening, conveying and controlling equipment have application in the process, metalworking, packaging, recycling, mining, aggregate and textile industries. Eriez manufactures and markets these products through eleven international facilities located on six continents. For more information, call toll-free (888) 300-ERIEZ (3743) within the U.S. and Canada. For online users, visit www.eriez.com or send e-mail to eriez@eriez.com. Eriez World Headquarters is located at 2200 Asbury Road, Erie, PA 16506. To contact EMIL directly, email Partha Venkatraman, Managing Director of Business Development, at pvenkatraman@eriez.com.

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