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 PORTLAND, Ore., Aug. 16 /PRNewswire/ -- Williams Controls, Inc. (NASDAQ: WMCO) today announced that it has closed the transaction to purchase the assets of the Kenco Division of Sparkomatic Corporation. The company previously announced on July 23 that it had signed a Memorandum of Intent to complete this transaction with Sparkomatic. Kenco/Williams, Inc., a new company formed as a part of this acquisition, will operate as a wholly owned subsidiary of Williams. This announcement was made jointly by the Chairman of the Board of Directors of Williams, Thomas W. Itin, and Sparkomatic's Chairman Edward Anchel.
 Kenco/Williams has a 139,000-square-foot plant in Middlebury, Ind., and is one of America's premier manufacturers of light truck aftermarket accessories. The Kenco division recorded earnings before interest and taxes (EBIT) for the six months ended June 30, 1993, of $500,000 on sales of $4.4 million. For the calendar year 1992, the Kenco Division recorded EBITs of $1.2 million on sales of $8.8 million.
 Mr. Itin stated that this acquisition will raise sales for Williams in fiscal 1993 ending Sept. 30, to the $25 million-$30 million range compared to $20 million in fiscal 1992. In addition, it will raise EBITs from $2,082,000 in fiscal 1992 to over $3 million for 1993, and should increase earnings per share by one cent.
 Mr. Itin observed, "The Transportation Equipment sector has experienced the fourth-best industry record of earnings improvements with a 277-percent change the first six months of 1993 over 1992, being surpassed only by food retail, railroads, and full line insurers.
 Kenco/Williams designs, manufactures, markets and distributes an extensive product assortment of accessories for light trucks, cars, vans and the very popular Sport Utility Vehicles such as the Explorer, Blazer, Suburban, and Grand Cherokee. Kenco/Williams provides quality utilitarian and cosmetic products with custom fits for Ford, GM, Chrysler, Toyota, Nissan and a host of other domestic and foreign models.
 Kenco/Williams' product line includes truck bed mats, bug shields, custom-fit and universal-fit running boards, side steps, sliding rear windows for pick-ups, and a number of other popular accessories. Kenco/Williams' products are primarily sold through most of America's leading mass merchandisers, including Kmart, Wal-Mart, and Western Auto. Kenco/Williams also markets to and through premier automotive chains such as Pep Boys, Nationwise, and Auto Source.
 Sparkomatic of Milford, Pa., is a prominent supplier of automotive audio equipment, radios, speakers and accessories and markets its products primarily through mass merchandisers.
 Williams Controls, Inc. manufactures a wide range of electronic, pneumatic and hydraulic controls, as well as exhaust brakes and other components which are used primarily in the heavy vehicle industry worldwide.
 -0- 8/16/93
 /CONTACT: Thomas W. Itin, chairman of Williams Controls, Inc., 313-851-5651/

CO: Williams Controls, Inc.; Sparkomatic Corporation;
 Kenco/Williams, Inc. ST: Oregon, Indiana IN: AUT SU: TNM

DD -- DE026 -- 3133 08/16/93 14:04 EDT
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Publication:PR Newswire
Date:Aug 16, 1993

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