Detroit Diesel intends to remain independent

29 April 1999

In response to recent press statements regarding the possible acquisition of Detroit Diesel Corporation (DDC) by DaimlerChrysler, Roger S. Penske, Chairman of the Board stated, "We want to reiterate our intention to maintain an independent path in the marketplace, and to underscore that strategic direction, we have indicated to DaimlerChrysler our interest in the repurchase of their 20% interest in our Company."

DDC is engaged in the design, manufacture, sale and service of heavy-duty diesel and alternative fuel engines, automotive diesel engines, and engine-related products. The Company offers a complete line of diesel engines from 22 to 10,000 horsepower for the on-highway, off-road (including power generation), and automotive markets. These markets are serviced directly and through a network of more than 2,800 authorized distributor and dealer locations.

Detroit Diesel's major shareholder is Penske Corporation, a closely-held, diversified transportation services company whose operations include Penske Truck Leasing Company, Diesel Technology Company, Penske Automotive Group, Inc., Penske Auto Centers, Inc., Penske Motorsports, Inc., and Penske Capital Partners, L.L.C. The Penske Group of businesses has annual revenues exceeding $6 billion and employs more than 28,000 people worldwide.

Source: Detroit Diesel