"Performance Motorsports, Inc./Wiseco acquires Perfect Bore"
OCTOBER 18, 2001 - Performance Motorsports, Inc., a subsidiary of Dover Corporation (NYSE:DOV), announced today that it has acquired Perfect Bore Ltd. and its subsidiary Perfect Bore Pistons Ltd. of Andover, England. Perfect Bore is the leading manufacturer of thin walled cylinder liners made from aluminum, steel, metal matrix composites and other advanced alloys for the automotive race market. Perfect Bore supplies coated cylinder liners and parent metal coated blocks to many of the premier engine builders for Formula One, F-3000, World Rally Cars, CART-USA, IRL and other venues. Perfect Bore Pistons Ltd. is a start-up company that is developing advanced pistons and piston technology in a variety of materials.
Jim Johnson, President of Performance Motorsports, commented 'We are very excited about the potential for synergy between Perfect Bore and our existing piston companies JE Pistons and Wiseco Piston. There is obvious engineering and sales synergy in offering our customers a finely tuned package of coated cylinder liners and pistons. In addition, while the confidentiality of individual customer programs will be strictly protected, there is the opportunity to share best practices, design tools and advanced materials expertise between the piston companies."
Martin Case, Managing Director of Perfect Bore, said "As a relatively young and rapidly growing company, Perfect Bore has struggled to keep up with the challenges presented by our rapid growth. The financial backing of Dover will allow us to accelerate our investment in the latest engineering and manufacturing technology and enhance our ability to provide our customers with the finest technical products. In addition, because of our strong customer relationships in Europe, we have the opportunity to support the expansion of American based Performance Motorsports companies into the European automotive and powersports markets."
For more information, please contact Ralph Johnston 440-497-3120 or write Wiseco Piston Corporation, 7201 Industrial Park Blvd., Mentor. OH 44060-5396 or visit Wiseco online at www.wiseco.com .
