Index Selected Financial Data Fellow Shareholders Company Profile Independent Auditors' Report Consolidated Balance Sheets Statements of Consolidated Operations Statements of Consolidated Cash Flows Statements of Consolidated Stockholders' Equity Notes to Consolidated Financial Statements Management's Discussion and Analysis ... Directors & Corporate Officers Corporate Information

Notes to Consolidated Financial Statements

15. SUBSEQUENT EVENT

On July 10, 2001 the Company completed the sale of its Breeze Industrial Products and Pebra hose clamp businesses in the U.S. and Germany, respectively, to Industrial Growth Partners and the current management team of Breeze/Pebra for $46.2 million. The proceeds of the sale were used to retire debt.