Applied Tech Products Acquires Mexican Injection Molding Operation.

Business & High Tech Editors

RADNOR, Pa.--(BUSINESS WIRE)--Oct. 24, 2000

Applied Tech Products (formerly SKM Applied Technology Partners) announced today that its wholly-owned subsidiary, Applied Tech Products de Mexico, S.A. de C.V., has acquired of all of the assets of Fast Plastics, S.A. de C.V., a Chihuahua, Mexico injection molder.

According to Raymond Langton, Co-founder and CEO of Applied Tech Products, "This expansion is a key part of our focus to provide our customers a highly flexible, full-service manufacturing capability including designing, prototyping, tooling, molding, decorating, finishing and assembling."

Acquired in the deal was a two year old manufacturing facility, situated on over five acres of land located in the Industrial Park Complex of Chihuahua. Along with the land and facility, Applied Tech Products also purchased injection molding machines and ancillary assembly and decorating equipment. According to Ben Uscinowicz, Co-President of Modern Plastic Technics of West Berlin, New Jersey, "This acquisition provides us manufacturing capacity we need now and the ability to fuel future growth by tapping into available resources in Chihuahua, including its skilled work force and well-developed transportation infrastructure." The initial scope of the work within the facility will be for Modern Plastics' electronics and telecommunications customers.

According to Langton, "The close proximity to our customers operating in Mexico will increase our ability to respond to their needs and shorten their time to market." In addition to increasing immediately the molding and value-added processes capacity of the Engineered Plastics Group, Applied Tech Products expects the acquisition to support expanded service offerings for its Automotive, Health and Beauty Care, and Medical and Technology Groups.

Fast Plastics is Applied Tech Products' eleventh acquisition and fourth within the past six months. Applied Tech Products' operating companies are organized in five strategic groups: Engineered Plastics consisting of Applied Tech Products de Mexico, Cascade Die Mold of Monticello, Iowa, Modern Plastic Technics of West Berlin, New Jersey and UPT Plastics of Tempe, Arizona; Health and Beauty Care consisting of Sussex Technology of Sparta, New Jersey, Tri-Molded Plastics of Bay Shore, New York, Apollo Packaging of Bridgeport, Connecticut and Nadel Industries of Port Chester, New York; Automotive consisting of Michigan Rubber Products of Cadillac, Michigan, and WEK Industries of Jefferson, Ohio; and Medical and Technology consisting of AK Rubber Products, Elkhorn, Wisconsin.

Applied Tech Products is a focused manufacturer of engineered rubber and plastic products and value-added services. The company serves the medical, telecom, electronic, consumer, industrial, automotive and health and beauty care markets and has aggregate pro forma sales in excess of $200 million. Applied Tech Products' objective is to grow to $500 million within five years through internal growth and acquisitions. In support of continued growth, in June 2000, Applied Tech Products completed the expansion of its syndicated credit facility to $195 million.

Ray Langton, along with Saunders Karp & Megrue, and Harvey & Company, LLC, formed the Applied Tech Products partnership in 1997. Langton, a proven industry executive, is CEO and co-founder. Saunders Karp & Megrue is a private equity fund with over $1.5 billion under management, and has completed over 40 acquisitions since 1985, representing more than $10 billion in aggregate value. Harvey & Company, a leading merchant bank specializing in management-led industry build-ups, initiated 20 transactions in 1999 with $400 million in aggregate consideration.

For further information on the company contact Carole Eagles, Applied Tech Products, Five Radnor Corporate Center, Suite 210, 100 Matsonford Road, Radnor, PA 19087-4609; Tel: [phone]; Fax: [phone]; or e-mail [e-mail].