News

New residential generator line to be marketed under the Honeywell brand

Milwaukee, Wis. – February 12, 2008 - Two generator industry veterans have formed a company that will bring a new line of home generators to the market under the Honeywell brand.

Northshore Power Systems LLC (NSPS) led by Dorrance Noonan (former chief executive of Generac Portable Products and Briggs & Stratton Power Products) and Jeff Servis (former senior vice president of Generac Power Systems), has secured an exclusive licensee agreement with Honeywell to sell both portable and home standby generators.

NSPS is poised to capitalize on the double digit growth projected in a market that did 1.6 billion in sales in 2006. Growth, being driven by longer lasting, more frequent power outages, instability of the power grid and increased consumer awareness, will be aided by the company’s commitment to simplify the category, making it easier for first-time buyers to enter the market.

The company’s focus is on consumers: delivering the value they need – in power, functionality and confidence – more affordably. The new Honeywell portable generators are expected to be available in the second quarter of 2008, with the standby generator product line hitting the market in July.

“Our commitment to the market is very consistent with Honeywell’s. In over 100 million homes, Honeywell products are closely associated with home comfort, security and energy efficiency. These are characteristics that will also be reflective of the Honeywell standby and portable generators,” Noonan said.

New Company Adds Value through Expertise and Strength
The Milwaukee, Wis.-based company’s business model leverages its industry experience to not only bring more value to the consumer, but also provide dealers and retailers with enhanced service and support that other manufacturers are not providing.

The NSPS leadership team draws on the region’s extensive industry expertise. Its engineering team is located in Ann Arbor, Mich., and led by an automotive industry veteran who helped create the Aston Martin V-12 engine.

Northshore Power Systems is a portfolio company of Oaktree Capital Management, a global investment firm that manages more than 52 billion in funds.

“Our partnership with Oaktree gives us a global reach, enabling us to access top quality manufacturing partners.  This model enables us to invest in the engineering capabilities needed to deliver the features, functionality and efficiency consumers want while avoiding the overhead investments that accompany traditional manufacturing,” Noonan said.

Leaders Emphasize Sales Support for Dealers, Retailers
Servis – who, as senior vice president of sales and marketing, helped grow Generac’s standby generator business from 12 million to 348 million – knows full-well the assistance that dealers and retailers need to support the generator product lines. NSPS’s goal is to provide industry-leading technical support, product information and warranties, parts inventories and service, as well as other tools and programs dealers and retailers need to be successful.

 “We are meeting with dealers and retailers now to establish our distribution network so we can hit the ground running when the new product is available,” Servis said. “Early feedback is very positive. We are leveraging the competencies of an experienced and respected management and engineering team to create Honeywell generators, products consumers can trust. It’s a winning combination.”

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About Northshore Power Systems:
Northshore Power Systems is the exclusive licensee of the Honeywell brand of home standby and portable generators. Headquartered in Milwaukee, Wis., more information on the company can be found at www.nspsystems.com.

Safe Harbor Provision
The content of this press release may contain forward-looking statements. These forward-looking statements are not historical facts and are based on expectations, estimates, and projections about NSPS’s industry; our beliefs and assumptions; and our goals and objectives as of the date such forward-looking statements are first posted. Words such as "anticipates", "expects", "intends", "plans”, "believes", "seeks", and "estimates", and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are only predictions, are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.  These statements are subject to risks, uncertainties, and other factors, some of which are beyond our control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.