Dyno Nobel and Ensign-Bickford Combine Their Explosives Capabilities

FOR IMMEDIATE RELEASE - May 5, 2003 (Oslo, Norway and Simsbury, CT, May 5, 2003) - Dyno Nobel Holding AS and the Ensign-Bickford Company (EBCo) today finalized the transaction combining the bulk of their commercial explosives businesses. The new Dyno Nobel unites two world-class organizations and utilizes the best available technology and integrated logistical capabilities to provide greater customer benefits than either organization could alone. Both Dyno Nobel, which is owned by the private equity firm Industri Kapital, and The Ensign-Bickford Company (EBCo), a subsidiary of Ensign-Bickford Industries, Inc., have a major presence in blast initiation systems and specialty blasting products. In addition to these products, Dyno Nobel, a leading global explosives company, also manufactures and markets a full range of explosives products and blasting services. The combination of these commercial explosive initiation systems businesses - EBCo (headquartered in Simsbury, Connecticut with plants in Connecticut, Illinois and Kentucky) -- with Dyno Nobel (headquartered in Oslo, Norway) will create a new entity with annual revenues of nearly USD 900 million and operations in 35 countries. The corporate headquarters of the combined entity will be based in Oslo under the leadership of Dag Mejdell as President and Chief Executive Officer. EBCo contributes its Connecticut, Illinois and Kentucky facilities and all assets to Dyno Nobel and, in return, receives an approximate 26% share holding in the new entity. The current initiation systems business activities of both companies (with the exception of EBCo's Spanish Fork, Utah facility) will be organized in a new business unit for initiation systems (ISBU) to capture the ongoing success of both companies in this area. Management and employees from both EBCo and Dyno Nobel join the new ISBU and Dyno Nobel Business Units. The formation of the new Dyno Nobel creates a fully focused, world-class competitor in the explosives industry with particular emphasis on technical leadership in initiation systems and explosives products, including ammonium nitrate capabilities and delivery systems. This positions Dyno Nobel to fulfill its Vision - developed in close cooperation with its new owners Industri Kapital - of being the world's leading explosives company. Dag Mejdell, the President and CEO of Dyno Nobel, said, "Combining our two companies responds to the changing needs of our customers. In our industry, the trend is toward national or international contracts, better and more sophisticated service and the latest in high technology explosives products. Together, with our respective strengths and capabilities, the new Dyno Nobel can better meet these changing needs." Ralph H. Harnett, the President and CEO of Ensign-Bickford Industries Inc., added, "We both recognize that the opportunity to partner with another successful organization with complementary capabilities in initiation systems will allow us to continue to bring value to customers in an evolving marketplace. The new organization will reinforce our shared culture of responsive, creative customer innovation and service." "The combination, which represents two world-class organizations coming together to enhance their joint overall explosives capabilities, is well in line with Industri Kapital's operating approach toward its investments," commented Kim Wahl, Deputy Chief Executive of Industri Kapital. BACKGROUND EBCo has been a worldwide and tradition-rich industry leader in blast initiation systems and specialty blasting products since 1836. Recently, EBCo was honored with the 2002 Shingo Prize for Excellence in Manufacturing. In addition to products, the company provides value-added services and support that benefit its customers. In addition to EBCo in the USA, the transaction includes EBCo's ownership interests in Mexico, Chile, South Africa, and Venezuela. Dyno Nobel ASA is one of the world's leading commercial explosives companies with more than 4,000 employees and operations in 33 countries worldwide. The company is active in major markets in Scandinavia, the U.S., Canada and Australia, and is an increasing presence in growing markets including Asia, Africa, Eastern Europe and Latin America. Since 2000, when the former Dyno Industrier was acquired by Industri Kapital, it has been going through a restructuring and refocusing that positions it to fulfill its Vision of being the world's leading explosives supplier. Industri Kapital is one of the leading private equity firms in Europe with equity capital under management in excess of EUR 3 billion from Nordic, European and international institutional investors. Since its formation in 1989 Industrial Kapital through IT'S four funds, carried out 46 strategic investments. Industri Kapital currently has a portfolio of 25 companies with a total turnover exceeding EUR 11 billion. CONTACTS: Brad Larson, DYNO NOBEL ASA Drammensv. 147 A, PO Box 664, Skøyen N-0214 Oslo Norway Telephone: +47 22 31 70 00 Telefax: +47 22 31 78 07 e-mail, hq@eu.dynonobel.com Web address: www.dynonobel.com Mike Long, Ensign-Bickford Industries 100 Grist Mill Rd., PO Box 7, Simsbury, CT 06070-0007 USA Telephone: +1 (860) 843-2000 Web address: www.e-bind.com