GKN Sinter Metals Acquires The PresMet Corporation of Worcester, Mass.

    AUBURN HILLS, Mich., Feb. 1 GKN Sinter Metals has
purchased The PresMet Corporation, a privately owned powder metal parts
manufacturer based in Worcester, Mass.
    The announcement was made today by Seifi Ghasemi, President & Chief
Executive Officer of GKN Sinter Metals.
    While financial terms of the transaction were not disclosed, the Company
said that The PresMet Corporation generated fiscal year 2000 (ending Sep. 30)
sales of $36 million.  Net operating assets at September 30, 2000, are
estimated to be $12.9 million.
    The PresMet Corporation employs approximately 350 people, and produces
precision-engineered powder metal parts for the automotive industry, including
components for steering columns, engines and transmissions.  PresMet lists
Visteon Automotive Systems, DaimlerChrysler, TI Group, and General Electric
among its primary customers.
    According to Mr. Ghasemi, the PresMet acquisition "adds to our automotive
product portfolio and further broadens our North American scope of operations.
PresMet has established itself as a premier supplier of innovative,
high-quality parts to an established customer base."
    According to PresMet Chairman Michael Gaffin, "GKN Sinter Metals' global
resources and strong market position can help PresMet achieve its aggressive
growth targets.  I am confident that PresMet's customers and employees will
see new and exciting opportunities under GKN's ownership -- opportunities that
would not have been possible if PresMet remained independent."  Mr. Gaffin
will continue as a consultant to the Company.
    GKN Sinter Metals, with over 30 locations worldwide and business assets
spanning 13 countries and five continents, has sales of approximately
$850 million and is the world's largest producer of powder metal components.
The Company employs close to 7,000 people and produces over 10,000 different
parts for the automotive, commercial vehicle, home appliance, lawn & garden,
office equipment, power tool, and recreational vehicle markets.  GKN Sinter
Metals is a wholly owned subsidiary of U.K.-based GKN plc, a global industrial
company.