GSW Inc.
TSX : GSW.A
TSX : GSW.SV.B

GSW Inc.

July 25, 2005 10:48 ET

GSW Response To Camco Take-Over Bid

OAKVILLE, ONTARIO--(CCNMatthews - July 25, 2005) - GSW Inc. ("GSW") (TSX:GSW.A)(TSX:GSW.SV.B) has received notice of a proposed offer by Controladora Mabe S.A. de C.V. ("Mabe") to acquire all of the shares of Camco Inc. ("Camco"). GSW holds a 20% interest in Camco. GSW has not advised Camco that it will tender to this offer.

General Electric Company ("GE") holds a 48% interest in Mabe and a 51% interest in Camco, through its wholly-owned subsidiary, General Electric Canada Inc. GSW is reviewing the fairness of the Mabe offer for Camco given it is a related party transaction.

Any transaction involving Camco will not impact the ongoing litigation between GSW and GE for oppression of the minority.

GSW Inc. has been a manufacturing pioneer since 1847. Today, the company is a leading manufacturer and marketer of consumer durable products, including water heaters and building products. The company employs over 1,700 people at three operating divisions in Canada and the United States. GSW Inc. is listed on the Toronto Stock Exchange under the symbol GSW.a and GSW.sv.b. For more information about the company visit www.gswinc.com.



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