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For Immediate Release

McElroy Manufacturing, Inc. announces the sale of its Fluid Power Division

November 1, 2004


TULSA, Okla., Nov. 1 — A.H. "Chip" McElroy II, President and CEO of McElroy Manufacturing, Inc., a Tulsa, Oklahoma based company, announced the sale of its Fluid Power Division to Walvoil Fluid Power Corporation. Walvoil Fluid Power is a wholly owned subsidiary of Walvoil S.p.A., located in Reggio Emilia, Italy. The sale is expected to be completed by mid-December 2004. Joining Mr. McElroy for this announcement in Tulsa was the President of Walvoil S.p.A., Mr. Ivano Corghi. In the announcement Mr. McElroy and Mr. Corghi agreed that the key to the sale was the strength, capabilities, and success of the McElroy Fluid Power organization. McElroy Fluid Power has been the USA Importer and Master Distributor of Walvoil products for the last 19 years. Most important to both McElroy and Walvoil was that operations would continue normally at their present location and with the same group of proven employees. This commitment ensures that the Division's customers will continue to receive uninterrupted support and service. This acquisition will allow Walvoil to establish a greater presence in its largest international market.

About Walvoil S.p.A.:

Founded in 1973, Walvoil has become the largest Italian manufacturer of Mobile Hydraulic Directional Control Valves. Walvoil owns Oleostar S.p.A, a leading Italian manufacturer of cartridge valves and specialty hydraulic manifolds. The Walvoil group of companies has become a leading supplier to Mobile Equipment OEM's around the world. For additional information please visit the Walvoil and Oleostar websites: http://www.walvoil.com and http://www.oleostar.com


Contact Information:
McElroy PR and Marketing Department
E-mail: marketing@mcelroy.com