Stewart & Stevenson Acquires Automotive Technik

Automotive Technik Holdings Limited, the British group that manufactures the Pinzgauer all-terrain vehicle, has been acquired by US Corporation, Stewart & Stevenson Services Inc. Automotive Technik will become part of Stewart & Stevenson’s Tactical Vehicle Systems (TVS) division, which currently already includes the FMTV military support vehicle.

Automotive Technik’s Chief Executive, Alan Stanley, said, "The future direction and success of ATL and the Pinzgauer is commercially best served as part of the Stewart & Stevenson family of companies. The opportunity to integrate ATL within Stewart & Stevenson, one of the world’s leading military vehicle manufacturers and benefit from their operational and financial strength, will provide our company with unique opportunities that will continue to build upon the important progress we have made."

Denny Dellinger, President of Stewart & Stevenson’s Tactical Vehicle Systems Division, said, "Stewart & Stevenson is pleased to add Automotive Technik Holdings Limited and the Pinzgauer vehicle to our product offering. The Pinzgauer is a proven and capable platform in the light tactical vehicle range, with an established international market presence. Together with our Family of Medium Tactical Vehicles (FMTV) in the medium to heavy range, the Pinzgauer will broaden and enhance Stewart Stevenson’s portfolio of world-class tactical vehicles that we design and produce for customers around the world. Furthermore, we look forward to leveraging ATL’s engineering and fabrication capabilities across our entire family of tactical vehicles."

While Automotive Technik’s Pinzgauer manufacturing operation is the primary focus of the deal, Stewart & Stevenson will also acquire Automotive Technik Engineering, a division which specialises in development, test and applications engineering activities - and Automotive Technik Fabrications, the Fareham based specialist equipment fabrication and body building operation. Both divisions currently serve the group’s Pinzgauer manufacturing operations as well as external military and civilian customers.

Jeremy Furniss and Jonathan Seal of Livingstone Guarantee LLP, Andrew Holt of DLA Piper Rudnick Gray Cary UK LLP and Kevin Cook and Lesley Wills of BDO Stoy Hayward LLP advised the shareholders of ATH on the sale.

9 April 2005 Staff

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