Hastings Manufacturing Announces Cost-Containment Measures

             Company suspends dividend, trims operating expenses
                       to improve profitability in 2001

    HASTINGS, Mich., Feb. 22 Hastings Manufacturing Company
(Amex: HMF) today announced that it has instituted a series of cost-
containment measures in an effort to trim $1 million in operating expenses and
improve its profitability.
    The Hastings, Mich.-based manufacturer of piston rings and other
automotive products said that its board of directors has voted to suspend
indefinitely its regular quarterly cash dividend of $0.05 per share in light
of soft market conditions and a slowdown in sales of its core automotive
products.  Hastings last issued the quarterly cash dividend in December 2000.
In other efforts to contain costs, the Company also announced that it has
eliminated approximately 11 percent of its salaried workforce and laid off
approximately 11 percent of its hourly workforce.  The board noted slower
sales in the second half of 2000, combined with increased healthcare and legal
expenses, as reasons for the decisions.
    Hastings also reported that it expects to post a net loss of between $0.60
per share and $0.65 per share for the year ended December 31, 2000.  For the
first nine months of 2000, Hastings reported net income of $536,693, or $0.72
per share, on net sales of $26.5 million.
    "The board and senior management are addressing the slowdown in sales with
several initiatives aimed at increasing revenues and productivity, while
reducing costs and generating cash flow," said Andrew F. Johnson, co-chief
executive officer of Hastings Manufacturing.  "We are aggressively
implementing these efforts, which unfortunately include layoffs at this time.
Moving forward, we will be working to manage costs and increase sales in order
to improve profitability and ensure our long-term growth prospects."
    The Company said it continues to invest in sales and marketing programs
aimed at broadening its distribution and expanding the mix of products it
sells to customers in the automotive aftermarket.  Hastings is working to
create another alliance, similar to its Canadian marketing and distribution
relationships, to distribute related engine components to the domestic
aftermarket.
    "As with other automotive suppliers, we are already feeling the effects of
the downturn in the automotive market," Johnson said.  "We look to all of our
employees to pinpoint ways to reduce costs and eliminate waste throughout the
Company."
    Hastings Manufacturing Company serves the automotive parts market with
piston rings, mechanics' specialty tools and additives for engines,
transmissions and fuel systems.  The piston rings and mechanics' specialty
tools, available under the "HASTINGS" brand name, are marketed primarily
through independent warehouse distributors, retailers, and on a limited basis,
direct to original equipment manufacturers.  The additives products available
under the "CASITE(TM)" brand name are marketed through The Casite Company, a
joint venture that markets both directly and through independent
representatives.  Canadian distribution of all products is handled through a
wholly owned subsidiary, Hastings, Inc. located in Barrie, Ontario.  During
1999, Hastings began to distribute and administer products for other U.S.-
based suppliers into the Canadian market.  These products complement the
current piston ring offerings as to both distribution channels and customer
base.
    Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this news release include certain
predictions and projections that may be considered forward-looking statements
under securities laws.  These statements involve a number of important risks
and uncertainties that could cause actual results to differ materially,
including but not limited to economic, competitive, governmental and
technological factors affecting the Company's operations, markets, products,
services and prices.