North American Van Lines and Allied Van Lines Receive U.S. Antitrust Approval to Proceed With Merger

NEW YORK, September 28, 1999 -- Clayton, Dubilier & Rice, Inc. ("CD&R") announced today that the U.S. Federal Trade Commission ("FTC") has given clearance in accordance with the Hart-Scott-Rodino Act to proceed with the proposed merger of North American Van Lines and Allied Van Lines. In taking this action, the FTC has found the proposed merger satisfies its requirements with respect to the federal antitrust act. 

The approval follows CD&R's announcement on September 14 regarding its agreement to merge North American Van Lines with Allied Van Lines to create one of the world's largest and best known relocation and logistics companies. The merger, valued at approximately $450 million, will create a more effective global competitor with locations in 36 countries, including 1,100 agents in North America and worldwide revenues of more than $2 billion.

North American will maintain the high profile brand names of both companies, which are among the most recognized household, commercial and industrial brands in the world. The leading brands include North American Van Lines in the U.S. and Canada; Allied Van Lines in the U.S. and Canada; Pickfords in the U.K.; and Allied Pickfords in Europe, Australia and Asia.

The transaction is expected to be completed in November 1999.