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Magic American Corporation Acquired by Harbour Group

August 23, 2002
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BEACHWOOD, Ohio, Aug. 22 /PRNewswire/ -- Magic American Corporation announced today that it has been acquired by Harbour Group, a privately held company based in St. Louis, Mo.

Magic American Corporation, based here, is a leading independent marketer and distributor of branded specialty cleaning and paint sundry products. Founded in 1934, Magic American Corporation offers products in four product categories: Goo Gone cleaning products, which are used to remove chewing gum, grease, and other sticky cleaning problems from carpets, upholstery, clothing, wood and cement; Magic Cleaners, which clean stainless steel, countertops, cabinets, and other special surfaces products; Magic Bath, for waterproofing and beautifying caulk joints in the bathroom; and Myro caulking products, for bathroom and other applications.

The company sells these products through leading retailers including home centers, mass merchandisers, hardware, paint, grocery, drug, hobby/craft, and specialty stores.

Magic American will complement Harbour Group's existing Paint Sundries Group, a leading supplier of high quality patch and repair products, tile care products, steel wool, and dry-wall tools. The companies in the group, including Homax Products, Krusin International, Tile Care Products and Rhodes American Products, sell their products to professional painters, decorators and consumers through specialty paint stores, home centers, mass merchandisers and hardware stores. Magic American Corporation will significantly expand the product offering and distribution channels of this already successful group.

Harbour Group and its related companies are engaged in the manufacture and distribution of various industrial products. Alan Zeilinger, President of Magic American Corporation, and Scott Zeilinger, Vice President, said the acquisition by Harbour Group would enable the company to continue to pursue its growth strategy. They commented, "This relationship makes sense for both companies. Magic American has a long-standing reputation for outstanding customer service and has several premier brands for the cleaning products market. Harbour Group recognized the value of our market leadership position and the competitive advantage resulting from our widespread distribution."

The Zeilingers said they do not expect significant changes in the current operating structure and expect key management to continue in its current role. Magic American Corporation will continue to focus on the development of its comprehensive product line, including penetration into new markets and introduction of new products.

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