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Charter Manufacturing announces European acquisition under Milwaukee Wire Products division

England's Valve Train Components will enhance Milwaukee Wire Products and Charter Manufacturing's position as a global supplier.

Acquisition complements existing offices in the United States, Europe, Japan and manufacturing facilities in Canada and the United States.

February 13, 2007

Charter Manufacturing Company of Mequon, Wisconsin, announced it has purchased Valve Train Components Limited (VTC) of Lichfield, England. VTC is a respected European supplier of powertrain components with expertise in manufacturing precision-made valve collets, manual transmission keys and related stampings. VTC will become part of Charter Manufacturing's Milwaukee Wire Products Division.

"Our first European acquisition will allow us to further broaden our presence as a global supplier," said John Mellowes, Chairman and CEO of Charter Manufacturing. "The VTC acquisition extends our already successful North American manufacturing platform into Europe and complements our marketing and distribution efforts in Asia."

Milwaukee Wire Products will retain all VTC employees and continue manufacturing operations in England, according to Mellowes.

"We are happy to become a part of the Charter Manufacturing family," said Peter Henderson, managing director of VTC. "Charter Manufacturing and Milwaukee Wire Products are customer-focused and have an excellent international reputation for producing high quality products."

VTC was awarded the Queen's Award for Enterprise in the International Trade category in 2004, honoring the company for sustained export growth.

"Our customers have told us that they wish to work with suppliers who can support them in each of their major markets," said Pete Murray, Vice President and General Manager of Milwaukee Wire Products. "This acquisition is a significant move to help Milwaukee Wire Products meet our customer's needs. We're delighted to welcome VTC as an important part of Milwaukee Wire Products."

Details of the acquisition were not disclosed.

Milwaukee Wire Products operates two production plants in Milwaukee, Wis., United States and one plant in London, Ontario, Canada. The company was founded in 1947, and is an engineered components and assemblies supplier for automotive and industrial powertrain applications.