GL&V Already Obtains Spin-offs from the Acquisition of Beloit's Two Units

Trois-Rivières- GL&V announces that its two new subsidiaries GL&V/Impco-Jones Inc. and GL&V/Beloit-Lenox Inc. secured orders, in the first three weeks following their acquisition, for about Cdn$12 million in the pulp and paper industry, mainly in North America. These are orders both for the design and manufacture of specialty equipment, and for spare parts and machinery upgrading.

Located in New Hampshire and Massachusetts, GL&V/Impco-Jones Inc. and GL&V/Beloit-Lenox Inc. resulted from the integration of Beloit's two units acquired on February 25, 2000. They specialize respectively in pulping and finishing equipment.

"The initial impact of this aquisition is very positive. Our two new American subsidiaries are integrating very well into our Pulp and Paper Group. Their expertise and world-renowned products complementary to GL&V's enable us to further develop our markets. We thus plan to take greater advantage of the recovery in the pulp and paper industry's equipment spending," indicated Laurent Verreault, President and Chief Executive Officer of GL&V.

"We expect to close the fiscal year ending March 31, 2000, with strong growth in revenues and net earnings compared with the previous year, thanks to the synergies developed with our latest acquisitions, including the contribution for a full six months of the Dorr-Oliver subsidiaries acquired in September 1999, combined with the efforts of all of our business units in their respective markets," added Laurent Verreault.

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Founded in 1975, GL&V is a world leader in the design and manufacture of engineered proprietary equipment for the pulp and paper industry and other industrial markets, mostly chemical products, mining, metallurgy, energy and the environment. The Company holds the proprietary rights to most of the equipment used in its customized technological solutions. Its equipment is manufactured mainly in its plants in North America and Europe as well as by a network of subcontractor partners. GL&V's sales network extends over more than 40 countries on all five continents. The Company has operating centres and/or sales representatives in Canada, the United States, six European countries, Australia, Africa, Asia, and South America, as well as sales agents in most industrialized regions. GL&V employs close to 1,500 people worldwide.

Visit the GL&V Pulp and Paper Group storefront.

For information:
Laurent Verreault, Chairman of the Board, President and Chief
Executive Officer
GL&V - Tel.: (770) 963-2100

Pierre Lépine, Vice-President, Corporate Development
GL&V - Tel.: (514) 284-2224
www.glv.com