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April 12, 2004

Aquisition in anchor chain sector

Washington Chain & Supply Inc., Seattle, manufacturer and distributor of anchors, chain and related products to the marine, has announced the purchase of Lister Chain & Forge, a Blaine, Wash., manufacturer of large diameter anchor and mooring chain, anchors and related fittings primarily for Naval and United States Coast Guard (USCG) purposes, from Columbus McKinnon Corporation.

This acquisition increases capabilities for both Lister and Washington Chain (www.wachain.com), resulting in greater production capacity and product and service offerings to end user and distributor markets throughout North America. Washington Chain's 'small business' status will now be applicable to Lister, allowing Lister to participate in U.S. small business programs and initiatives.

"When we were looking for a partner, Washington Chain jumped out at us as the logical combination for our business. With synergistic product lines and end markets, we felt that this was the absolute right move for us and our customers, " Lister's President Michael Stobbart indicated following the deal.

Even prior to the acquisition, Washington Chain claimed the largest and most diverse inventory of its kind in the Pacific Northwest and potentially the United States. Washington Chain is also capable of supplying ABS, DNV, and LLOYDS certifications for its customers.

Lister is currently mandated to supply product for current production programs including the U.S. Navy's DDG, T-AKE and LPD programs and buoy mooring chain for the USCG generally. The management, quality and production teams at Lister Chain & Forge, Inc. will remain in plac

e.

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