Performance Products Industries Acquires Mr. Gasket

Cleveland, Ohio (March 29, 2001) Performance Products Industries ("PPI") announced that it has acquired the stock of Mr. Gasket, Inc. from a wholly owned subsidiary of Dana Corporation. The terms of the transaction were not disclosed. The purchase includes such well-known automotive trade names as Mr. Gasket, Hurst, Mallory, ACCEL, DFI, Hays and Lakewood. Headquartered in Cleveland, Ohio, with manufacturing facilities in Cleveland and Carson City, Nevada, Mr. Gasket has been a driving force in the automotive performance industry since the 1960s. PPI will focus resources on innovative product development, market awareness and growth through additional acquisitions.

Performance Products Industries is a private corporation formed to concentrate on the fast growing automotive performance market. The investment group is lead by Mr. Robert Romanelli, former President of Mr. Gasket and Mr. Robert Tobey, former Sr. Vice President of Corporate Development for Echlin Inc. (now Dana Corporation’s Automotive Aftermarket Group).

Mr. Romanelli stated that "the overall automotive industry is undergoing many changes, as is the performance end of the industry. Mr. Gasket is uniquely positioned to serve the performance market, having developed and having under development currently, product to meet and exceed the challenges facing the industry today. With the new management team providing the product and market focus and with Mr. Gasket’s dedicated workforce, we will help lead the performance industry through the coming evolution."

* * *