Lynch Corp. announces purchase of Central Products Co.

GREENWICH, Conn.--(BUSINESS WIRE)--Oct. 4, 1995--Lynch Corp. (AMEX:LGL) today announced that its subsidiary Spinnaker Industries, Inc. (NASDAQ Small Cap: SPNI) has completed the acquisition of the assets and stock of Central Products Co. from Alco Standard Corp. for an amount in excess of $75 million.

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Central Products, which manufactures and markets a wide variety of carton sealing tapes and related equipment, is the second largest U.S. carton sealing tape manufacturer. The company's fiscal 1995 revenues are in excess of $125 million. This is the second major supplier of adhesive-backed products to be acquired by Spinnaker. In Sept. of 1994 Spinnaker acquired Brown-Bridge Industries, an adhesive-backed label supplier, from Kimberly-Clark.

"The addition of Central Products significantly advances our business strategy of adding more adhesive-backed products to the Spinnaker family," said Boyle. "This is an outstanding and very successful organization which we have been able to acquire."

Headquartered in Menasha, Wisc., Central Products is the only U.S. supplier to manufacture both gummed tape and pressure-sensitive tape, and the only company to produce all three pressure-sensitive adhesive technologies.

The company operates a 175,000 square foot manufacturing facility next to its Wisconsin headquarters and a 200,000 square foot facility in Brighton, Colo., where pressure-sensitive tape is made.

Lynch is a diversified company with subsidiaries in multimedia, services and manufacturing and actively seeks acquisitions, principally in existing business areas.

CONTACT: Mario J. Gabelli, 203/629-3333