Marine Machinery Acquisition

Roanoke, VA - Monday, January 10, 2011

    Seaway Powell (IMH) Ltd is delighted to announce that its business and assets have been acquired by Seaway Powell Marine Ltd, a new company set up to continue the development of the business. All current employees of the business have remained with the new company and additional people will be joining shortly as part of a planned expansion of the business. Seaway Powell Marine Ltd is part of a worldwide group of businesses involved in marine machinery and general automation with facilities in North America and Australia. This acquisition marks our entry into the European market place and Seaway Powell Marine will form the European headquarters for the group. Other businesses within the group include Hypac (www.hypac.com.au), manufacturer of unique lightweight deck machinery for fast vessels, both commercial and military, Precision Technology (www.pt-usa.net), a designer and manufacturer of specialised electro-mechanical equipment for the marine world and general automation and American Actuators (www.americanactuators.com), a business focused on developing new innovative automation products.

www.hypac.com.au

www.pt-usa.net

www.americanactuators.com