The Dexter Company Acquires Apache Stainless Equipment Corporation

FAIRFIELD, Iowa - October 9, 2006
The Dexter Company, a leading manufacturer of commercial laundry equipment and gray and ductile cast iron products has acquired 100% of the interests of Apache Stainless Equipment Corporation. Founded in 1975, Apache Stainless designs and manufactures a broad range of stainless steel vessels and storage tanks for application in the pharmaceutical, bio-tech, pulp and paper, ethanol, bio-fuels and chemical industries. Further, their Mepaco division offers a complete line of stainless steel vessels, mixers, cookers and related products for the food processing industry. Known for exceptional quality and service, Apache Stainless offers complete custom design and fabrication capabilities to a broad array of customers.

The acquisition of Apache Stainless further diversifies Dexter’s portfolio of companies and leverages it’s competencies as a manufacturer of high quality steel and iron related products. Patrick D. Albregts, President and CEO of The Dexter Company commented, ”We are extremely pleased to have Apache Stainless join the Dexter family of companies. Apache will serve as a growth engine for Dexter and allow us to leverage a number of important synergies within our businesses. They are also a great complement to the ownership culture we have here at Dexter.”

Apache Stainless will remain headquartered in Beaver Dam, Wisconsin with production facilities in Beaver Dam and Plover, Wisconsin. Duane E. Foulkes, the founder and former President of Apache Stainless will remain involved in the business under a long term consulting agreement.

James Freeze Named President of Apache Stainless Equipment Corporation

James N. Freeze has been appointed President of Apache Stainless Equipment Corporation located in Beaver Dam, Wisconsin.

Freeze joined Dexter in 2000 when the company acquired Partners Leasing and Century Laundry Distributing of which he was a partner. In his initial assignment at Dexter, Freeze was responsible for these two businesses along with all business development activities at Dexter. In 2005, he was appointed Senior Vice President and General Manager for Dexter’s laundry business. Freeze holds an undergraduate degree and an MBA from the University of Iowa in Iowa City, Iowa. Prior to his involvement in Partners Leasing and Century Laundry Distributing, he worked for a number of years in various lending positions within the banking industry.

Andrew Kretz Appointed Vice President and General Manager of Dexter Laundry

Andrew S. Kretz has been appointed Vice President and General Manager of Dexter’s commercial laundry business.

Kretz joined Dexter in 2002 as Director of Sales and Marketing. In 2005, he was appointed Vice President of Sales, Marketing and Customer Service for the laundry division. Prior to joining Dexter, Kretz worked for McLeod USA in a variety of management positions and Alliance Laundry Systems as Manager of Sales Training and Regional Sales Manager. He holds a degree in business and marketing from The University of Northern Iowa in Cedar Falls, Iowa.

About The Dexter Company

The Dexter Company was founded in 1894 in Dexter, Iowa, and currently is headquartered in Fairfield, Iowa. In addition to Apache Stainless, The Dexter Company owns four other businesses. The Dexter Laundry business located in Fairfield, Iowa is a leading manufacturer of commercial laundry equipment for self service laundromats, hotels, motels, hospitals, universities and care giving facilities. The Dexter Foundry, also located in Fairfield, is the second largest gray and ductile cast iron foundry in Iowa. Dexter Financial Services is located in Cedar Rapids, Iowa and is a full service provider of financial products for Dexter Laundry customers. Century Laundry Distributing, also located in Cedar Rapids, distributes commercial laundry equipment primarily in Iowa and Nebraska. The Dexter Company is owned 100% by its employees through an ESOP.