Camco Inc.
TSX : COC

Camco Inc.

September 23, 2005 11:59 ET

Mabe's Bid for Camco Successful

BURLINGTON, ONTARIO--(CCNMatthews - Sept. 23, 2005) - Camco (TSX:COC) announced today that it has been advised by Controladora Mabe S.A. de C.V. ("Mabe") that the all cash offer made by its wholly-owned indirect subsidiary, 6295053 Canada Inc. (the "Offeror"), to purchase all of the issued and outstanding common shares of Camco has been successfully completed.

Mabe had advised Camco that 19,461,019 common shares of Camco representing approximately 97.3% of the outstanding common shares were validly tendered to the offer as at 5:00 p.m. (Toronto time) on September 22, 2005. As all conditions to the offer have been satisfied or waived, the Offeror has taken up all of the common shares of Camco validly tendered to the offer on the basis of $3.52 (Cdn) cash per common share of Camco. The Offeror has announced that payment for the common shares of Camco will be made on September 26, 2005. Shareholders whose Camco common shares are registered in the name of a nominee should contact their broker, bank, trust company or other nominee for payment confirmation.

About Mabe

Mabe, a Mexican company, is a leader in the Latin American appliance market, with commercial and production facilities in most countries of Central and South America. Mabe operates 13 manufacturing plants in total, eight of which are in Mexico. The Company manufactures 12 million appliances annually, employs 18,000 employees and expects 2005 sales of $2.2 billion (USD). Mabe is a major exporter of ranges and refrigerators to the US market through a relationship with GE. GE holds a 48% interest in Mabe. For more information, please visit Mabe's website at www.mabe.com.mx.

About Camco

Camco is the largest Canadian manufacturer, marketer and servicer of home appliances, with 2004 sales of $643 Million (Cdn). The Company's product lines include popular brands such as GE, Profile, Monogram, Hotpoint, Moffat and BeefEater. Camco manufactures clothes dryers and dishwashers at its Montreal Plant, and is the primary supplier of clothes dryers to GE in the US. For information, please visit Camco's website at www.geappliances.ca.

Contact Information

  • Mexico: Rafael Nava
    Public Relations General Manager, Mabe
    011 (5255) 9178 8142
    or
    Canada: Neil Gartshore
    Vice-President Finance and CFO, Camco
    (905) 315-2389