Norican Group Announces Completion of Financial Restructuring

HERLEV, Denmark, December 22 - Norican Group the world's leading metallic parts enhancement
company (by virtue of its ownership of both DISA and Wheelabrator Group) is
pleased to announce that the company has successfully concluded its financial
restructuring negotiations with the support of its equity investors and
existing lenders.

"This is a tremendous vote of confidence in the business by
both our equity investors and our debt providers", commented Robert E. Joyce
Jr., chief executive officer, Norican Group. "Successfully completing this
transaction ensures an uninterrupted delivery of value to our customers
throughout the world during this unprecedented economic slowdown."

"We are pleased with the outcome of this process. This
refinancing reinforces our 100 year history and allows us to continue our
approach of investing in the future of our business and that of our customers
and suppliers" added Andrew J. Matsuyama, chief financial officer.

"The new transaction, concluded with the banks will
significantly increase the Company's financial flexibility by better matching
its debt obligations with the operational cash flow generation profile,"
added Zbigniew Rekusz, Partner at Mid Europa Partners. "Significant equity
contributions from the existing sponsors of Mid Europa Partners and Mezzanine
Management and new money injection into the business will improve the capital
structure and enhance the financial capabilities of the Norican Group."

Mr. Joyce concluded: "The message to all our existing
stakeholders is business as usual. Our customers will continue to receive the
high quality technical solutions and on-site support they have come to expect
from us, our staff will continue to deliver the most innovative products and
services in the industry and our partners will continue to benefit from their
ongoing relationship with us. Credit goes to our investors (Mid Europa
Partners and Mezzanine Management) and our banking syndicate (Nordea, HSH and
DnB Nor) for recognizing the inherent value creation potential of this great
company. We all look forward to delivering on this potential as the global
economy recovers."

About Norican Group

Norican Group is the world's leading provider of technology and services
for improving metallic parts. Currently the offer includes all forms of parts
formation (horizontal, matchplate & vertical moulding) and surface
preparation technologies (airblast, wheelblast and mass finishing). Its core
branded technology platforms are DISA and Wheelabrator. The organisation
represents over 100 years of expertise and experience, and employs more than
2,000 people over 5 continents, with major operations in Canada, China, Czech
Republic, Denmark, France, Germany, India, Poland, Switzerland, UK and USA.
Norican Group works with the industry's leading representatives and business
partners in serving its customers throughout the world.

For additional information on Norican Group please visit:
www.noricangroup.com.

About Mid Europa Partners

Mid Europa Partners (MEP) is a leading independent private equity
investment firm focused on Central and Eastern Europe, with approximately
EUR3.2 billion of assets under management.

The Mid Europa team employs a pro-active, hands-on approach towards
investments, working in conjunction with the management teams of portfolio
companies, to deliver long-term value creation, by applying our unparalleled
sector knowledge, operating experience, and broad sector expertise.

Funds managed or advised by MEP typically invest EUR50 million to EUR200
million in mature, cash-flow generative companies with enterprise values
ranging from EUR100 million to EUR1,500 million, which have strong market
positions in sectors with high barriers to entry.

For additional information on Mid Europa Partners please visit:
www.mideuropa.com.

About Mezzanine Management Central Europe

Mezzanine Management Central Europe (MMCE) is an independent investment
firm and the pioneer of the mezzanine product in the region. It focuses on
providing capital to businesses for expansions and acquisitions,
management-led equity deals, recapitalisations and buy-outs.

With an experienced team of Partners, it is the leading Central European
subordinated debt investor with offices in Austria, Hungary, Poland, Romania
and the Ukraine. It has committed and invested over EUR400 million in 27
companies across 8 countries.

For additional information on MMCE please visit:
www.mezzmanagement.com.

For further information

For further information, please contact Vanessa Riding, VP marketing
communications, on +44(0)161-928-6388, or by email:
Vanessa.riding@noricangroup.com

For further information, please contact Vanessa Riding, VP marketing communications, on +44(0)161-928-6388, or by email: Vanessa.riding at noricangroup.com