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CAE and the Majority Owners of Coe Manufacturing Company Agree to the Sale and Purchase of CAE's Sawmill OperationsToronto, June 14, 2002 - (TSX: CAE) - CAE and the majority owners of Coe Manufacturing Company ("Coe") have agreed in principle to the sale and purchase of CAE's sawmill operations: CAE McGehee and CAE Newnes ("Newnes/McGehee"). Both operations are part of CAE's Forestry Business. In December 2001, CAE announced its intention to divest its Forestry Systems businesses in order to focus on its core business of providing advanced simulation and integrated training solutions for customers in the civil aviation, military and marine markets. In March 2002, CAE sold its fibre screening business, part of its Forestry business. Once the Newnes/McGehee sale is completed, with an expected closing in July 2002, CAE will have one remaining operation in its Forestry business - its Oriented Strand Board (OSB) operation based in Vancouver, British Columbia. CAE's Executive Vice President and CFO, Paul G. Renaud, stated, "CAE is on track with its plan to divest its Forestry business. Coe's experience in this area and its managerial strengths will assure a smooth transition and continued growth of Newnes/McGehee." Coe Manufacturing Company of Painesville, Ohio, celebrating its 150th Year, is an independently owned, major international machinery systems and solutions provider to the veneer, lumber, panelboard, mineralboard, rubber and laminates industries. It operates three manufacturing facilities in North America with 500 employees. Darryl Dillenback, Chief Executive Officer of Coe, stated, "We are extremely enthusiastic about the opportunities to leverage the strengths of both Newnes/McGehee and Coe. We look forward to improving the two businesses and continuing the product innovation and high level of service that the firm has provided in the past." Newnes/McGehee operates out of Salmon Arm, British Columbia; Ukiah, California; and Covington, Georgia. It employs more than 400 people and provides machinery, equipment and software for analyzing, measuring, cutting and sorting lumber to both sawmills and lumber producers. CAE is a global leader in providing advanced simulation and controls equipment and integrated training solutions for customers in the civil aviation, military and marine markets. CAE employs more than 6,000 people in Canada, the United States and around the globe. With annual revenues in excess of C$1 billion, CAE is the world's leading supplier of civil flight simulators and second largest independent civil aviation training provider, as well as the largest Canadian-based defence contractor. Questions concerning this press release should be directed to: Darryl J. Dillenback |
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