Quixote acquires 40% interest in Quantic Industries

Business Wire, April 7, 1995

SAN CARLOS, Calif.--(BUSINESS WIRE)--April 7, 1995--Quixote Corporation (NASDAQ:QUIX) announced today that its subsidiary, Energy Absorption Systems, Inc., has acquired a 40% interest in Quantic Industries, Inc. from Charterhouse Group International of New York.

Quantic is a leading manufacturer of electronic and pyrotechnic safety devices. Based upon its aerospace and defense expertise, Quantic has developed a low-cost proprietary initiator for automobile restraint systems, including airbags, for which it has received purchase orders. Initiators, which are electrical/pyrotechnic devices, play an integral role in the initiation of the airbag system. Applications include driver, passenger and side airbags, and seatbelt pretensioners which are commonly used in Europe. The terms of the transaction were not disclosed.

Philip E. Rollhaus, Jr., Quixote's President, commented: "This is an important strategic investment for our Company in that it broadens our focus on driver and passenger safety. In particular, our investment nicely complements the leading position in highway safety already enjoyed by Energy Absorption Systems, Inc. Quantic offers a high quality, proven, low cost product which should enable it to become a leader in the initiator market. We see additional exciting opportunities to share technologies with benefits to highway safety." Quixote Corporation noted that it may increase its ownership in Quantic should the opportunity arise.

Charles G. Davis, Quantic's CEO stated: "We are pleased to be associated with Quixote Corporation, a diversified technology company, and their subsidiary, Energy Absorption Systems, Inc., who is the world's leading manufacturer and marketer of energy-absorbing highway crash cushions and related highway safety products."

Quantic Industries, a privately held company founded in 1959 is headquartered in San Carlos, California with an additional facility in Hollister, California. Quantic develops and manufactures proprietary safety products for the aerospace, defense, commercial and vehicle occupant restraint markets.

CONTACT: Quantic Industries, Inc.

Charles G. Davis or Robert P. Coler, 415/637-3166