CPAC Inc. Takes Equity Position in TURA AG;
Investment expands product and distribution opportunity
January 10, 2002 -- Leicester, NY… Thomas N.
Hendrickson, Chief Executive Officer, CPAC, Inc. (NASDAQ CPAK) and Dr. Thilo
Senst, Chief Executive Officer of TURA AG of Düren, West Germany, jointly
announced an expansion of existing distribution agreements signed in May 1999
with the purchase of a 19% minority equity interest in TURA AG.
CPAC, Inc.'s Imaging segment, operating globally
as CPAC Imaging Group, provides imaging chemicals, environmental equipment, and
refining services to the traditional silver halide photographic market. TURA AG
is a 100-year-old German manufacturer and supplier of photographic paper and
film emulsion products to the same market, in addition to wide-format inkjet
printing consumables. Through this broadened partnering relationship, each
company's core products can now be sold through each other's respective
distribution channels.
In explaining CPAC's investment, Mr. Hendrickson
stated, "TURA-brand color film and color paper products are well-known and
respected in Europe and beyond. Together, we can now offer a full spectrum of
products on a 'systems' approach, on par with the major manufacturers in the
photographic industry. We realize this is a mature market, but our goal is to
expand our global market share using our combined marketing resources, and thus
expect this agreement will add significantly to CPAC shareholder value."
Dr. Thilo Senst of TURA stated, "TURA has
rapidly become a top brand of choice in developing markets. With the added
strength of our expanded relationship with CPAC Imaging Group, we expect to
become more prominent in developed markets, as well. We will no longer be
excluded from major opportunities because of competitors' marketing strategies
that bundle paper, film, and chemical purchases. We can now offer the industry's
most complete package, including paper, film, chemistry, silver recovery,
refining, and large format imaging solutions. Furthermore, combining German
tradition and precision with CPAC's innovation will enhance the development and
introduction of new products."
* NOTE TO EDITORS: Photos to accompany this
story may be accessed at www.cpac.com/tura.htm
About TURA
Privately held since 1901, TURA AG supplies
photographic films, papers, chemistry, and wide-format inkjet printing
consumables to customers in more than sixty countries worldwide through a
distribution network operating in forty countries. Headquartered in Düren, West
Germany, TURA has recorded average sales increases of 60% year-over-year for
each of the past five years. More information is available at tura-film.com.
About CPAC, Inc.
Established in 1969, CPAC, Inc. (cpac.com) is an
international manufacturer and marketer of commercial and household cleaning
products, personal care lines, and prepackaged chemicals and equipment for the
imaging industry, with sales in FY '01 of $105 million. The Imaging Segment
includes three domestic and four international chemical and equipment
manufacturing operations: Trebla Chemical Company (treblachem.com); Allied
Diagnostic Imaging Resources, Inc. (alliedautex.com); CPAC Equipment Division (cpacequipment.com);
CPAC Europe (cpac.be); CPAC Italia (ornano.it); CPAC Africa (cpac.co.za); and
CPAC Asia (cpacasia.com). CPAC's Fuller Brands Segment includes The Fuller Brush
Co. (fullerbrush.com), Cleaning Technologies Group (cpac-ctg.com), and Stanley
Home Products (stanleyhomeproducts.com). Nasdaq: CPAK.
Except for the historical matters contained
herein, statements in this press release are forward-looking and are made
pursuant to the safe harbor provisions of the Securities Litigation Reform Act
of 1995. Investors are cautioned that forward-looking statements involve risks
and uncertainties which may affect CPAC's business and prospects, including
economic, competitive, governmental, technological, and other factors discussed
in CPAC's filings with the Securities and Exchange Commission.
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