Peregrine Acquires Innovative Sheet Metal Forming Company

23 June 1997

    SOUTHFIELD, Mich., June 23 -- Peregrine Incorporated has
acquired MSI Manufacturing Group, Inc. (MSI), Madison Heights, Mich., a fully
integrated supplier of sheet metal stampings, assemblies, prototypes and
tooling for the automotive industry.  The purchase price was not disclosed.
    The announcement was made by Ed Gulda, chairman and chief executive
officer of Peregrine Incorporated, a supplier of automotive interior and
exterior parts and components.  "This is the first of several acquisitions we
have planned for this year," Gulda said.
    MSI is a Michigan-based company with annual sales of $119 million and
about 760 employees.  It is a major supplier to North American vehicle
manufacturers and Tier 1 suppliers.
    The acquisition becomes part of the Metalforming business unit of
Peregrine's Exterior Systems Group.  Currently, Peregrine has three business
units within the Exterior Systems Group, which include Metalforming, Forming
Technologies and Structural Plastics.
    Joseph M. Gray, president of the Exterior Systems Group, said this
acquisition will give Peregrine a more broadly based metal-forming capability
and significantly expand the company's customer base among major OEMs and
Tier 1 suppliers.
    "It also will add new dimensions to our operations with the addition of
prototyping, engineering, innovative die development, and advanced
metal-forming capabilities that we currently don't have," he continued.
    Gray said Peregrine now will be known to have the ability to produce
complex metal stampings and assemblies that have tight tolerances.  Peregrine
also will enhance its complete process design capabilities, including tool
development, prototyping and program management from concept through
production.
    With the acquisition, Peregrine adds three production facilities: two in
Warren, Mich., and one in Battle Creek, Mich.  The Prototype and Engineering
Plant is also in Warren, and the central office and technical services
building is in Madison Heights, Mich.  The four new facilities occupy a total
of 500,000 square feet.
    In addition to increased capabilities, Peregrine now will be one of the
largest domestic manufacturers of passenger-side airbag canisters.  It also
produces a variety of other products, including external body stampings,
radiator support assemblies, cross members, shear plates, crush tubes,
mounting brackets and stanchions.
    Peregrine was formed six months ago from four component operations of
General Motors' Delphi Automotive Systems.  Headquartered in Southfield,
Mich., Peregrine Incorporated supplies interior and exterior automotive
products to the automotive industry.  The company has annual sales of more
than $1 billion and approximately 5,000 employees.
     Peregrine's web site address is http://www.pgrine.com.

SOURCE  Peregrine Incorporated