New York, NY (April 3, 2008) – Morgan Construction Company of Worcester, MA has been acquired by Siemens VAI Metals Technologies of Linz, Austria, a unit of Siemens AG. Sperry, Mitchell & Company, Inc. initiated this transaction, assisted in the negotiations, and served as financial advisor to Morgan Construction Company.

Morgan Construction Company (“Morgan” or the “Company”; www.morganco.com) is a leading designer and producer of high-quality rolling-mill products and services for the metals industry worldwide. For FY 2007, Morgan reported sales in excess of $230 million, and employed more than 1,100 people in the United States, China, India, the United Kingdom, and Brazil. Established in 1888, Morgan has designed and installed more than 450 rod, bar, and billet mills in over 40 countries, setting benchmarks for technological leadership, reliability, and performance. The Company’s technology includes the patented Reducing/Sizing Mill, which enables products to be rolled faster, with closer tolerances, and at lower costs than with competing mills. In addition, the Company’s proprietary MORGOIL bearing, an oil-firm, heavy load bearing for use in both ferrous and non-ferrous mills, has been the leading heavy load-carrying bearing throughout the world for over 50 years. Morgan was founded in 1888 in Worcester, MA, by Charles Hill Morgan. Philip Morgan, 59, is the fifth-generation eldest son to serve as President of the Company.

Siemens VAI Metals Technologies (“MT”; www.industry.siemens.com/metals/en/) is one of the world's leading engineering and plant-building companies for the iron and steel industry, as well as for the flat-rolling sector of the aluminum industry and for open-cast mining. MT, which was created from the integration of Voest-Alpine Industrieanlagenbau (Linz/Austria), and the electrical engineering product and automation solutions business of Siemens, provides a comprehensive range of supplies and services for all related technological processes and integrated automation solutions for the entire life-cycle of metallurgical plants.

Sperry, Mitchell & Company, Inc. (www.sperrymitchell.com) is an investment banking firm specializing in middle-market merger and acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed over 250 transactions in a wide range of industries, with values ranging from $10 - $450 million.