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Tue, Oct 05, 2004

Hartzell Propeller Has a New Sister Company

Acquisition Signals Future Broadening Of The Company's Aerospace Business

Hartzell Propellers says its family ownership group has established a parent company, Charter Aerospace Partners, to act as a holding company for Hartzell and to provide a vehicle for other aerospace acquisitions.

Simultaneously, Charter Aerospace Partners announced the acquisition of Industrial Tube Corporation of Perris (CA). Details of the transaction were not disclosed.

"Industrial Tube Corporation is a strategic acquisition for Charter Aerospace Partners. Between Hartzell and Industrial Tube, we have a premier customer base spanning all of aerospace, defense and government sectors. As we diversify into broader areas, Charter will depend on the reputation and abilities of both companies to better serve our customers," said Joseph W. Brown, Co-President of Charter Aerospace Partners. "This is the first of several steps that will be taken to position our business for growth over the next few years."

FMI: www.hartzellprop.com, www.industrialtube.net

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