Elamex Announces Restructure of Its Joint Venture with General Electric

    EL PASO, Texas--April 27, 2001--Elamex, S. A. de C. V., today announced that Elamex and General Electric International de Mexico (GE) continue in discussions related to the restructure of their joint venture of plastics and stamping business in Mexico.
    This joint venture, owned 50.1% by Elamex and 49.9% by GE, which was formed in 1998, has plants in Juarez and Celaya and had sales of approximately $30 million in 2000.
    The plan restructure, agreed upon by the two principals during the first quarter, calls for the substantial reduction of ongoing operations and the closure or sale of the Juarez facility. In addition, discussions are ongoing regarding the sale or disposition of the Celaya plant.
    The preliminary financial impact of the joint venture restructure will be reflected in the results of operations of Elamex for the first quarter of 2001 which are expected to be released next week.
    Richard P. Spencer, President of Elamex, stated that the reorganization or sale of the joint venture is consistent with Elamex's strategy to return Elamex to long term profitability.