CLYDEUNION Pumps Press release

Following the announcement on September 12th 2008 that Clyde Blowers, the East Kilbride-based group owned by Scottish entrepreneur Jim McColl, had reached agreement to purchase Textron’s Fluid & Power Division, we are pleased to announce that this deal is now fully concluded.

As a result of this transaction the former Textron company Union Pump, headquartered in Battle Creek, Michigan, will integrate with Clyde Pumps, the company formed by Jim McColl following the highly-publicised purchase in May 2007 from Weir Group of iconic company Weir Pumps based in Glasgow, Scotland.

These two leading pump companies have been re-branded as CLYDEUNION Pumps and its combined workforce of over 1400 will provide a comprehensive range of engineered centrifugal and reciprocating pumps as well as aftermarket parts and service from their global manufacturing facilities and joint venture companies in India and China.

CLYDEUNION Pumps forges the strong heritage of Union Pump dating back to 1885 and Clyde Pumps Incorporating Weir Pumps Glasgow dating back to 1871 with cutting edge designs and technologies exemplified by the advanced nuclear coded pumpsets for which CLYDEUNION Pumps Glasgow facility has recently won several major orders, including it’s biggest ever at around $60M. It also has a rich heritage of products which enjoy a loyal customer base such as Weir Pumps, Mather & Platt, Girdlestone, Union Pumps, DB Guinard Pumps and David Brown Pumps.

In addition to pumps for the nuclear power sector CLYDEUNION Pumps will supply its global customers with market leading solutions for the upstream oil, downstream oil, conventional power and water & industrial markets as well as full aftermarket capability.

Jim McColl, executive chairman of CLYDEUNION Pumps, said: “As a result of this acquisition, the Union Pump business will integrate with Clyde Pumps and become CLYDEUNION. This more than doubles the size of our business and is a significant step in our development to becoming a market leading pump engineering company. We fully expect that CLYDEUNION will be amongst the top 3 pump companies by 2012.”

Jim Pinto, president and CEO of CLYDEUNION Pumps, commented: “Our combined markets will touch every corner of the globe with strong market positions in Conventional Power, Nuclear Power, Upstream Oil, Downstream Oil, Water & Industrial, plus a global network of service centres providing repairs, spare parts, technical services and technical support to our loyal customers. The Clyde and Union products will be highly complimentary, and will offer our existing customers a broader range of products and applications for new projects, expansions and services.”

For more information please contact:

E-mail: r.tait@clydeunion.co.uk