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ots Ad hoc-Service: paragon AG <DE0005558696> paragon plans to acquire majority stake in the U.S. company Miquest

Delbrück (ots Ad hoc-Service) -

Ad hoc-announcement edited and sent by DGAP. The sender is solely
responsible for the contents of this announcement.
The sensor manufacturer paragon AG
(Delbrück) plans to acquire a majority stake in the U.S. company
Miquest Corp. (Grand Rapids, MI). The boards of the two companies
have signed a letter of intent to this effect in Grand Rapids.
According to the agreement, paragon will acquire for the time being
51% of Miquest s shares. The rest of the shares will be purchased by
paragon after three years. As a specialist for electronic services
(development and production of electronic components), Miquest
provides services to customers from measurement and control
technology as well as medical and computer technology. The company,
which was founded in 1984, uses the latest production technology; in
addition, the scope of services offered also includes comprehensive
development services. Miquest is distinguished by its high quality
standard, which meets the requirements of the ISO 9002 standard. The
QS 9000 standard is expected to be met within a short period of time.
In fiscal year 2000, Miquest, with approx. 40 employees, generated
sales of USD 5.3 million. Miquest is expected to become a subsidiary
of paragon of North America Corp., a 100% subsidiary of paragon AG.
The acquisition of Miquest Corp. will not just release the potential
for synergy with paragon s own electronic services division. Through
its purchase of an established manufacturer, the company primarily
plans to accelerate its development of the North American market for
its own high-tech sensor products. After the acquisition, the global
market leader in air-quality sensors for the automotive industry
would be able to immediately answer orders on site, without having to
suffer start-up losses by setting up its own production facilities in
the U.S. Moreover, paragon expects to profit from the geographical
proximity of Miquest s Grand Rapids location to every important
automobile manufacturer in the U.S. paragon will keep its sales
branch in Detroit, which has recently been expanded with additional
staff, to intensify the contact to subsidiaries of European
automotive suppliers who have been using the support of paragon in
Europe for years. The Executive Board
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