Cincinnati Lamb Optimistic About Future as Part of Maxcor, Inc.

WARREN, Mich. -- Cincinnati Lamb, a leading manufacturing solutions provider, announced that the purchase of its global operations by Maxcor, Inc. and Silver Point Finance, LLC has been completed. Maxcor acquired Cincinnati Lamb from UNOVA's Industrial Automation Systems business unit for approximately $60 million.

Maxcor, Inc., a New York-based private firm, will operate Cincinnati Lamb as part of a newly created division, MAG Industrial Automation Systems, LLC.

In making the announcement, MAG Industrial Automation Systems President, Bernard J. Theisen, expressed enthusiasm about the company's prospects as a leading machine-tool and automation-systems supplier. "We're very optimistic about the opportunities that we see in all of our key market segments -- aerospace, automotive, industrial components and heavy equipment manufacturing, as well as opportunities in aftermarket services for the entire manufacturing marketplace," said Mr. Theisen. "With the support of a new parent company, we can re-focus our energy and resources on growing our business."

"The company will implement organizational improvements, an aggressive product development program and new market expansions, especially in Asia," said Mr. Theisen. "These activities should lead to an increase of production at many of our plants."

Mr. Theisen noted that the company has experienced recent success in all areas of its business, particularly Cincinnati Lamb's automated composites processing equipment, which is used in new aircraft programs including the B787, A380, A350, A400M and F-35. Additional sales in the aerospace sector are at a very healthy level due to the company's diverse range of metalcutting machines, which are well-suited for processing aluminum and titanium structures.

In the automotive sector, Cincinnati Lamb has secured orders for more than two dozen of its new generation MEGA(TM) Series horizontal machining centers (HMCs) among automotive manufacturers in North America, Europe and China. Next month, Cincinnati Lamb will participate in Hyundai Motor Manufacturing Alabama's Grand Opening Celebration as the supplier of the first fully flexible head and block production and assembly system in North America.

In heavy equipment, the company has recently made significant advancements with products such as its GEMINEX(TM) multi-tasking machines, TC Series of traveling column machining centers and the aforementioned MEGA Series of HMCs.

Mr. Theisen also said that the company's after-market service and support organization that was developed under the Cincinnati operation has now grown to include the Lamb products. "This award-winning program that we call PLUS(TM) allows us to partner with customers by offering services that add value to the manufacturing process while giving them tools and support needed to manage life cycle costs," explained Mr. Theisen.

In welcoming Cincinnati Lamb's people, operations and world-renowned brands, Maxcor, Inc. Chairman and CEO, Mo Meidar, said, "Customers can expect to see immediate impact, with improvements that will provide added speed and flexibility in responding to their needs."

Cincinnati Lamb has eight plants in North America and Europe and 1,300 employees worldwide.

About Cincinnati Lamb (www.CincinnatiLamb.com):

Cincinnati Lamb designs, builds and integrates high-volume and flexible machining systems as well as stand-alone production equipment for global aerospace, automotive, heavy equipment and general machining markets. The company offers technology-driven solutions that include composites processing equipment, profilers, routers, and five-axis CNC machining centers; horizontal and vertical machining centers and turning centers; and automated assembly and test machines and systems. Additionally, the company provides the manufacturing industry's most comprehensive package of service and support through its PLUS program.

Cincinnati Lamb is a MAG Industrial Automation Systems business headquartered in Warren, Michigan. Other operating locations include: Machesney Park, IL; Hebron, KY; Windsor, Canada; Mildenhall, England; Solihull, England; Birmingham, England; Remscheid, Germany; and Asian operations in China and Korea.