AJAX TOCCO ACQUIRES ASSETS FROM ABP INDUCTION

Ajax Tocco Acquires Assets from ABP Induction

BROOKFIELD, WI, January 10 –Ajax Tocco Magnethermic (“ATM”) has acquired the assets and

intellectual property formerly known as Pillar from ABP Induction. The business provides induction

systems and aftermarket parts and service to a worldwide market. The sale includes the Brookfield, WI and

Sterling Heights, MI operations. ABP’s induction melting operations in North Brunswick, NJ, and

Massillon, OH are unaffected, as are its international operations including ABP Induction Systems

Shanghai, previously Pillar Shanghai.

ATM will reinstate the name Pillar Induction and operate it as a division of ATM. All Pillar products will

continue to be sold and markets served will continue to be supported. All personnel associated with the

Pillar products have been transferred to the new division. Customers of Pillar products and services will

continue to receive the benefit of the relationships established with the existing operations.

Thomas Illencik, President of Ajax Tocco Magnethermic stated “The Pillar brand has a long and respected

history. We are excited to bring the technical heritage of Pillar together with Ajax and Tocco. We look

forward to expanding the sale of these products through the ATM’s worldwide operations while we

continue to serve their existing customer base.”

Paul Decker, CEO of ABP Induction said “With excess capacity in the US induction heating equipment

market today and for the foreseeable future we believe consolidation is necessary. This transaction provides

an attractive return to our shareholders while freeing resources for ABP to focus on its core foundry market

and induction heating outside of North America, particularly in the rapidly growing markets.”

ABP and ATM are committed to ensuring uninterrupted support for the customers through the transition.

ABP Induction, LLC is a leading provider of induction melting and heating systems and aftermarket

services to the global foundry, forging and steel industries. ABP Induction was formed by the merger of

ABB’s foundry services division with Pillar Induction. ABP operates through sales, manufacturing and

aftermarket locations in the United States, Germany, Sweden, Brazil, Mexico, Thailand, India, China,

Russia and Japan.

Ajax Tocco Magnethermic is a global leader in the design and manufacturing of world class induction

heating and melting equipment for various industries throughout the world. In addition ATM provides a

wide range of engineering and aftermarket services including laboratory process development, preventative

maintenance, equipment repair and parts, coil repair, and installation services. Headquartered in Warren,

Ohio, ATM has manufacturing and service locations throughout the United States, Canada, Germany,

Poland, Belgium, China, Japan, Thailand, the UK, and Mexico.