Press Release- A New Chance for Ingersoll

A New Chance for Ingersoll

Rockford, Illinois, August 15, 2003 – Camozzi Group (Brescia, Italy) and Imta (Rockford, IL) announced today they will jointly bid for the Rockford, IL assets of Ingersoll International. The Camozzi Group and Imta will combine their machine tool capabilities with the acquired assets of Ingersoll International to re-establish Ingersoll as a world leader in machine tools.

Attilio Camozzi, founder and chairman of the Camozzi Group sees the Ingersoll acquisition as a perfect fit with the group’s existing machine tool businesses. Ingersoll machines will augment and expand the groups’ product lines and will be marketed globally together with Camozzi’s machine tool company, Innse Berardi. The new company will continue operations in the existing Ingersoll facilities with former Ingersoll employees. Ingersoll’s reputation for innovation will be revived through investment in research and development. The company will concentrate on the strength of Ingersoll products in niche markets.

Tino Oldani, president and owner of Imta, a Rockford machine tool company, views the acquisition of Ingersoll’s Rockford operations as a tremendous opportunity for the local community. “We need to hold on to our manufacturing capability in the United States and Rockford. We have a lot of talent in Rockford and keeping Ingersoll and the machine tool industry here is one way to maintain our economic base,” said Mr. Oldani. “There are a lot of projects that can be brought to the region by strengthening the local network of manufacturers,” Oldani added. To make sure that the new Ingersoll will hit the ground running, Imta has hired some key Ingersoll former employees and has been active in securing orders during the Ingersoll temporary shut down; these machines will be built in Rockford and two of them are already being assembled at Imta’s facility. Several local small companies have been involved in the manufacturing process as subcontractors.

In addition, the Camozzi Group will locate elements of their other U.S. operations in Rockford bringing additional jobs to the region and further utilizing the Ingersoll facilities. Both companies view the acquisition of Ingersoll’s assets as an opportunity to return Ingersoll to its former position as a leading global machine tool builder. The Camozzi Group also plans to manufacture, under license, certain of its Innse Berardi machines at the Ingersoll facility. Additionally, the Camozzi Group expects to transfer other U.S operations to Rockford. Camozzi Pneumatics, Inc (pneumatic components) and Ansaldo Camozzi (power generation) will eventually be moved to Ingersoll’s Rockford facilities. Ansaldo plans to utilize Ingersoll’s machining capabilities to manufacture its large power generation components and casks for spent nuclear fuel.

Ettore Camozzi, son of the founder, said: “Our family recognizes Ingersoll’s importance to the community as a pillar of industry and we want to continue this legacy.” The Ingersoll Rockford campus is uniquely situated on the rim of a residential area. “Our family wants to preserve the grounds that the community has grown with,” said Ettore Camozzi. Ettore added “Our long term view of investment is very similar to Edson Gaylord (Grandson of the Ingersoll founder). We look forward to growing the business as we have done with our other acquisitions.” The Camozzi Group will support funding the manufacturing initiatives underway in the community in education and research. “It is important to have a facility for the training of tomorrow’s workers where they are prepared for utilizing tomorrow’s technologies” , said Ettore.

Tom McDunn, former President of Ingersoll Milling Machines, sees the opportunity for a rapid revitalization of Ingersoll. “In my opinion, the Ingersoll operations can start quickly with the Camozzi Group as the successful bidder”, said McDunn.

Vico Camozzi, another son of the founder, said “The Camozzi Group wants to be the successful bidder at the auction on August 19. Together with Imta and the former employees we believe we can keep a manufacturing capability in Rockford.” The Camozzi Group has made similar transactions in recent years in the metal cutting and the nuclear power industries.

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	A New Chance for Ingersoll Rockford, Illinois, August 15, 2003 – *Camozzi Group* (Brescia, Italy) and *Imta* (Rockford, IL) announced today they will jointly bid for the Rockford, IL assets of Ingersoll International. The Camozzi Group and Imta will combine their machine tool capabilities with the acquired assets of Ingersoll International to re-establish Ingersoll as a world leader in machine tools. Attilio Camozzi, founder and chairman of the Camozzi Group sees the Ingersoll acquisition as a perfect fit with the group’s existing machine tool businesses. Ingersoll machines will augment and expand the groups’ product lines and will be marketed globally together with Camozzi’s machine tool company, *Innse Berardi*. The new company will continue operations in the existing Ingersoll facilities with former Ingersoll employees. Ingersoll’s reputation for innovation will be revived through investment in research and development. The company will concentrate on the strength of Ingersoll products in niche markets. Tino Oldani, president and owner of Imta, a Rockford machine tool company, views the acquisition of Ingersoll’s Rockford operations as a tremendous opportunity for the local community. “We need to hold on to our manufacturing capability in the United States and Rockford. We have a lot of talent in Rockford and keeping Ingersoll and the machine tool industry here is one way to maintain our economic base,” said Mr. Oldani. “There are a lot of projects that can be brought to the region by strengthening the local network of manufacturers,” Oldani added. To make sure that the new Ingersoll will hit the ground running, Imta has hired some key Ingersoll former employees and has been active in securing orders during the Ingersoll temporary shut down; these machines will be built in Rockford and two of them are already being assembled at Imta’s facility. Several local small companies have been involved in the manufacturing process as subcontractors. In addition, the Camozzi Group will locate elements of their other U.S. operations in Rockford bringing additional jobs to the region and further utilizing the Ingersoll facilities. Both companies view the acquisition of Ingersoll’s assets as an opportunity to return Ingersoll to its former position as a leading global machine tool builder. The Camozzi Group also plans to manufacture, under license, certain of its Innse Berardi machines at the Ingersoll facility. Additionally, the Camozzi Group expects to transfer other U.S operations to Rockford. Camozzi Pneumatics, Inc (pneumatic components) and Ansaldo Camozzi (power generation) will eventually be moved to Ingersoll’s Rockford facilities. Ansaldo plans to utilize Ingersoll’s machining capabilities to manufacture its large power generation components and casks for spent nuclear fuel. Ettore Camozzi, son of the founder, said: “Our family recognizes Ingersoll’s importance to the community as a pillar of industry and we want to continue this legacy.” The Ingersoll Rockford campus is uniquely situated on the rim of a residential area. “Our family wants to preserve the grounds that the community has grown with,” said Ettore Camozzi. Ettore added “Our long term view of investment is very similar to Edson Gaylord (Grandson of the Ingersoll founder). We look forward to growing the business as we have done with our other acquisitions.” The Camozzi Group will support funding the manufacturing initiatives underway in the community in education and research. “It is important to have a facility for the training of tomorrow’s workers where they are prepared for utilizing tomorrow’s technologies” , said Ettore. Tom McDunn, former President of Ingersoll Milling Machines, sees the opportunity for a rapid revitalization of Ingersoll. “In my opinion, the Ingersoll operations can start quickly with the Camozzi Group as the successful bidder”, said McDunn. Vico Camozzi, another son of the founder, said “The Camozzi Group wants to be the successful bidder at the auction on August 19. Together with Imta and the former employees we believe we can keep a manufacturing capability in Rockford.” The Camozzi Group has made similar transactions in recent years in the metal cutting and the nuclear power industries. >Next page<