Thermo Power Sells Crusader Engines Division; Continues Advanced Power R&D

Thermo Power Corp. (Waltham, MA) has sold its Crusader Engines division for approximately $7.4 million, including a $1.0 million receivable due in December 1999. IMPCO Technologies Inc. (Cerritos, CA) purchased Crusader's industrial engine product line, and Pleasurecraft Marine Engine Co. (Little Mountain, SC) purchased Crusader's marine engine product line.

In fiscal year 1998, which ended Oct. 3, 1998, Crusader had revenues of $24.7 million and operated at a loss.

"This divestiture will allow us to focus on our businesses that we believe hold greater growth potential for us," says J. Timothy Corcoran, president and CEO of Thermo Power. "Our major objective is to maximize our return on investment, and the sale of Crusader will help us toward that goal."

Thermo Power Corp. manufactures, markets, and services intelligent traffic-control systems and related products, industrial refrigeration equipment, and commercial cooling and cogeneration systems. The company also conducts R&D on advanced power and pollution-control technologies and offers propane-powered lights as well as lights for the automotive, sporting goods and marine markets. Thermo Power is a public subsidiary of Thermo Electron Corp.

IMPCO will continue to operate the industrial engine business at Crusader's facility in Sterling Heights, MI. Pleasurecraft will maintain a sales office in Sterling Heights, but plans to move the marine engine manufacturing operation to its South Carolina plant.

For more information, call 781-622-1000.