PARIS, KY – Monessen Hearth Systems Company (MHSC), a manufacturer of fireplace, stove and hearth products has acquired key assets of CFM Corporation which include the Vermont Castings and Majestic Fireplaces brands.

The asset purchase agreement was approved by U.S. courts on June 30, 2008 and Canadian courts on July 3, 2008. CFM Corporation’s U.S. and Canadian operations have been under creditor protection since April 9, 2008, when protective orders were granted under Canada’s Companies’ Creditors Arrangement Act and under Chapter 11 of the U.S. Bankruptcy Code. CFM Corporation has continued to carry on business during the restructuring period.

Under the terms of the purchase agreement, MHSC will acquire CFM Corporation’s operations and assets in Bethel, Vermont and Randolph, Vermont. The assets purchased include plants, machinery, equipment, receivables, inventory, certain contracts and intellectual property, among other specific items. MHSC also acquires all shares held in the capital of CFM Mexico (Temcomex S.A. de C.V.).

Based in Ontario, Canada, CFM Corporation manufacturers hearth, space heating, barbecue and outdoor grill products in North America. Monessen Hearth Systems Company is a North American supplier of fireplaces, stoves, hearths and related remote technology products. Established in 1993 as a regional manufacturer of vent-free logs, MHSC is a full-line supplier of hearth products. 

Webb Research, located in E. Falmouth, Mass., is the world’s leading manufacturer of autonomous underwater gliding vehicles, as well as autonomous profiling drifters and floats. Terms of the transaction were not disclosed.

Webb Research adds autonomous underwater vehicle systems to Teledyne Marine’s portfolio of marine electronic subsystems, including acoustic modems, acoustic and inertial navigation systems, acoustic Doppler current profilers and subsea electrical and optical interconnect solutions. Webb Research’s gliders are autonomous underwater vehicles (AUVs) that use changes in buoyancy in conjunction with wings and tail steering to convert vertical motion to horizontal, and thereby propel the system on a programmed route with very low power consumption. Applications of gliders range from oceanographic research programs to military persistent surveillance systems and mobile nodes for subsea communication networks.

In fiscal year ended December 31, 2007 Webb Research had sales of $12.2 million. After the closing, the acquired business will operate under the name Teledyne Webb Research.

Teledyne Technologies is a Thousand Oaks, California based provider of sophisticated electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems. Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom and Mexico.

POCASSET, MA - Hydroid, Inc. a manufacturer of Autonomous Underwater Vehicles (AUVs), announced today the company’s acquisition by Kongsberg Maritime. The sale was announced in December 2007 pending U.S. Government approvals.

Kongsberg Gruppen is headquartered in Kongsberg, Norway and is a technology group with over 4,400 employees in 25 countries. The company has two divisions, Kongsberg Defense and Aerospace, and Kongsberg Maritime of which Hydroid will join. Kongsberg Gruppen reported revenues of approximately $1.6 billion in 2007 and is listed on the Oslo Stock Exchange and traded under the ticker
KOG.

“The acquisition of Hydroid is within Kongsberg Maritime strategy to expand in the rapidly growing market for AUV-based operations through a broader portfolio of products, wider presence in the market and focused R&D efforts,” stated Rolf Arne Klepaker, Kongsberg Maritime Subsea Executive Vice President.

Hydroid was established in 2001 to manufacture, support and further develop the REMUS Autonomous Underwater Vehicle (AUV) technology, originally developed, and licensed from, the Woods Hole Oceanographic Institution. Located in Pocasset, Massachusetts, Hydroid offers a range of REMUS vehicles, including systems rated for 6,000 meter operations, and has delivered over 150 systems in the past seven years.

All the HUGIN vehicles and the REMUS vehicles can be customized for many applications which include: hydrographic surveys, mine counter measure operations, harbor security operations, environmental monitoring, debris field mapping, marine geological survey, inspection of underwater engineering structures and pipelines, search and salvage operations, fishery operations, and scientific sampling and
mapping.

In a separate press release issued by Axia Advisors, the Burlington MA based firm announced its advisory role in connection with the $80 million sale to Kongsberg Maritime. 

Chris von Alt, President and CEO of Hydroid, LLC, stated, “As a Kongsberg company, Hydroid will continue to improve the products and services we offer, so they will be of greater value to our customers. This strategic fit is very important to our shareholders, and we are grateful to Axia Advisors for their contributions to this remarkably successful outcome.”

PIC Design, is a manufacturer and supplier of tight-tolerance, precision mechanical components for use in the motion control industry. PIC Design is located in Middlebury, Connecticut and has over 20,000 active customers and had revenues of approximately $10.0 million for the year ended December 31, 2007.

RBC Bearings Incorporated is an international manufacturer and marketer of precision bearings and components. Founded in 1919, the Company produces highly technical or regulated bearing products requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. This New England business is headquartered in Oxford, Connecticut and currently employs approximately 2,146 people and operates 22 manufacturing facilities in four countries.