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12:00AM, 5 Feb 2002 | ASSET

The directors are pleased to announce that Scott Technology Ltd's Dunedin
based subsidiary, Scott Automation Ltd has today signed an agreement to
purchase for cash the business of Auckland based company, CBS Engineering
Ltd, including its subsidiaries, Robotic Palletisers Ltd and Betts
Engineering Ltd.

CBS Engineering has 39 employees and is a wholly owned subsidiary of Hughes &
Cossar Holdings Ltd, an old established investment company formerly in the
liquor industry, who have decided to divest their engineering activities.

CBS Engineering was formed in 1955 to design and produce production lines for
the beverage, wine and food industries and has developed a large clientele in
these fields in both New Zealand and Australia. CBS, through its subsidiary,
Betts Engineering Ltd, is the largest supplier in the field of robotic
automation and the acquisition includes the business of Robotic Palletisers
Ltd which produce and market robotic palletisers for the New Zealand and
Australian markets.

CBS will become part of the Scott Automation Ltd group and continue to
operate as an independent unit in Auckland. The company's product mix will
however be refocused to complement that of Scott Automation Ltd. Further
investment in sophisticated machine tools, and the introduction of Scott
expertise in the development and design of high technology production lines,
will enable CBS Engineering to offer a unique level of automation to a range
of non-appliance industries.

The Chairman of Scott Technology Ltd, Mr Graeme Marsh, advises that the
business has been purchased for cash and, following integration and
development costs, is expected to make a growing profit contribution in the
2003 financial year.

CBS Engineering will retain its Sydney sales and service operation but all
manufacturing will be undertaken in New Zealand. In the short term, CBS
resources excess to its own workload will be utilized for the production of
specialized automation components for existing contracts being produced by
Scott Technology Ltd.