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C-MAC Industries Acquires AMP
Incorporated's 50 Percent Interest
In Carolina Circuits

Montreal, Quebec, December 14, 1998 -- C-MAC Industries Inc. and AMP Incorporated announced today that they have reached an agreement whereby C-MAC will acquire AMP's 50 percent ownership interest in Carolina Circuits Co. This acquisition aims at continuing the implementation of C-MAC's ongoing strategic plan to add value for customers through vertical integration.

C-MAC has agreed to take full ownership of Carolina Circuits in Greenville, SC from AMP. Carolina Circuits was formed earlier this year as a 50-50 joint venture between C-MAC and AMP to produce printed circuit boards. Robert Coalier, C-MAC's Chief Financial Officer, noted that C-MAC's relationship with AMP "has been good for both companies and Carolina Circuits' retention of AMP as a key customer is one by which both companies can benefit." This acquisition includes the buildings, land and all capital equipment.

In addition to standard-to-complex multilayer backpanels, Carolina Circuits also provides high performance, medium and high-density printed circuit boards. With an increasing focus on PWB and backpanel design services and an aggressive panel size expansion program, C-MAC will continue to provide its customers with the most advanced interconnect service in the industry. Combining its reputation for superior customer service, outstanding quality and exceptional manufacturing capabilities, C-MAC is able to provide totally integrated solutions to customers in a broad range of markets.

Dennis Wood, C-MAC's Chairman and Chief Executive Officer, commented that "the acquisition of all ownership interest in this facility reinforces our commitment to provide high technology, cost effective, multilayer printed circuit boards to our customers. We will augment our production capabilities to include fabrication of large area backpanels and higher complexity PWB's to further support our customers' product expansion requirements."

C-MAC Industries is a leading internationally diversified manufacturer of advanced electronic components, sub-systems and systems that also provides contract assembly services for the telecommunication, automotive, instrumentation, defense and aerospace industries. Headquartered in Montreal, C-MAC has more thatn 3,700 employees in 25 manufacturing operations in Canada, Belgium, China, France, India, the United Kingdom and the United States. The C-MAC stock is traded on both the Montreal and Toronto Stock Exchanges.

Headquarted in Harrisburg, PA, AMP (NYSE: AMP) is the world's leading manufacturer of electrical, electronic, fiber-optic and wireless interconnection devices and systems. The company has 47,000 employees in 53 countries serving customers in the automotive, computer, communications, consumer, industrial and power industries. AMP sales reached $5.75 billion in 1997.

 

AMP Editorial Contact
Mark McGaffin
717-592-3116
mbmcgaffin@amp.com

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