FEBRUARY 1999 - FLEXFAB PURCHASES MOXNESS PRODUCTS - FHI, Inc., the parent company of Flexfab, Inc. has acquired Moxness Products, Inc., a unit of Applied Power, Inc. Douglas DeCamp, President and CEO, announced that closing documents have been signed transferring ownership effective on Tuesday, March 31, 1998.

"The addition of Moxness to our existing businesses represents a major investment in our corporate strategy," said Mr. DeCamp. "It moves us along toward three key milestones: opening up two additional industries, expanding our capabilities to include all forms of molded products, and broadening our technical capabilities to speed the development of a broad range of polymers for crafting solutions to our customers' problems."

Moxness is a well-known producer of molded and extruded products for the automotive, food processing, office machine and electronics industries. The acquisition will extend the range of capabilities of FHI's molded product units in Hastings, Michigan and Carson, California.

Moxness consists of plants in Racine and East Troy, Wisconsin and employs 165 people. This will increase FHI's employment level to a total of approximately 850 in seven plants.

"We are announcing the formation of the Flexfab Molded Products, LLC to bring the diverse skills and products of three of our divisions to our customers with a single call," DeCamp continued.

Flexfab Moxness, LLC., of Racine, Wisconsin - Molded Silicone Rubber products, extruded profiles, and coated wire.  Molded, integrated components for instrumentation and control system requirements.

Flexfab LLC., of Hastings Michigan - A unit specializing in injection molded components and extrusion technology. The Hastings plant also designs and manufactures reinforced engineered components and systems for automotive, heavy-duty truck, aerospace, military and industrial applications.

In a further move, FHI announced the company's expansion into European markets by establishing a new manufacturing and engineering center to serve its global customers in Europe. The new unit will be known as Flexfab Europe Limited. The location will be announced in the near future. "Our world-wide strategy is to follow our customers to parts of the world where their plants require our products and custom components and system design services. Supporting these customers in other parts of the world makes Flexfab an even better supplier in this country, too," DeCamp explained.