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OAK INDUSTRIES ACQUIRES GILBERT ENGINEERING

 WALTHAM, Mass., Dec. 23 /PRNewswire/ -- Oak Industries Inc. (NYSE: OAK), announced today that it has, along with Bain Capital, through their acquisition company, Connector Holding Company, acquired 85 percent of the outstanding stock of Gilbert Engineering Co., Inc., a Glendale, Ariz., manufacturer and supplier of specialty connectors to the cable television, local area network, microwave and high-end specialty precision markets. Management of Gilbert retained ownership of the remaining 15 percent of Gilbert. Oak owns 80 percent of Connector Holding Company, with Bain Capital owning the other 20 percent.
 The purchase price was approximately $100 million, including the refinancing of existing debt, and was funded by cash and non-recourse senior and subordinated debt.
 Gilbert Engineering has revenues of over $60 million including international sales and the revenues of its French subsidiary, Societe d'Appareillages Electroniques, which serves the European market. Gilbert will be operated as a subsidiary of Oak Industries and will continue to serve its customers from its Arizona headquarters.
 "We are excited about the acquisition of Gilbert. This investment is the initial element of our strategy to diversify into markets with good underlying growth as well as additional opportunities for future growth through follow-on acquisitions and new product development. We believe Gilbert has an excellent product offering, a strong management team and a leading market position. Based upon historical performance, Gilbert Engineering would be expected to have a very positive effect on Oak's financial results," said William S. Antle III, president and chief executive officer of Oak Industries.
 Antle continued, "We are quite optimistic about the growth opportunities for Gilbert's products both here and abroad. Industry studies indicate that over the next 4-6 years, the cable television equipment industry should experience very healthy growth from the expansion of existing systems but more importantly, from the rebuilding and upgrading of systems to meet higher capacity and quality requirements as cable operators expand their product offerings. In addition, Gilbert has products and technology with applicability in other growing markets which we currently serve through two of our other businesses."
 Antle added, "Looking ahead, Oak will continue to remain focused on our plan to achieve steady, profitable growth. This will include a continuation of our acquisition strategy as our cash position remains strong at over $35 million of cash and unused committed credit lines after purchasing Gilbert."
 Oak Industries Inc., provides components and controls for leading manufacturers in a range of industries, including consumer appliances, electronics, medical testing equipment, military, telecommunications and transportation. The company is pursuing a strategy for growth through new-product introductions, ongoing productivity enhancements and acquisitions.
 -0- 12/23/92
 /CONTACT: William C. Weaver, chief financial officer of Oak Industries, 617-890-0400; or Jean M. Devine of Sharon Merrill Associates, 617-262-1800, for Oak/
 (OAK)


CO: Oak Industries ST: Massachusetts IN: CPR SU:

CH -- NE012 -- 9755 12/23/92 17:52 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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