paragon AG

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

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    Delbrück (ots Ad hoc-Service) - 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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