Steel Parts Corp Creates TransVision Technologies Corporation

    TIPTON, Ind.--April 8, 2002--Steel Parts Corporation, a leading Tier I and Tier II automotive supplier of automatic transmission, suspension and steering components and assemblies, said today that it has formed a new holding company, TransVision Technologies Corporation, to facilitate the Company's future growth plans.
    "We are very pleased with the formation of TransVision Technologies and the confidence that our investors, Credit Suisse First Boston Private Equity Group, have placed in our ability to further build upon the strong business model that has enabled Steel Parts Corporation to become a leading automotive OEM supplier," said Dennis French, President and CEO of both Steel Parts and TransVision Technologies.
    "As we strive to move the company to the next level, this vehicle enables our entire management team to become more focused and directly incentivized to maximize customer satisfaction, both in the daily delivery of best class services and products, and through continual productivity improvement and creative cost reduction programs. Equally important, we will now have the financial support and strategic guidance to seek opportunities to further build our world-class capabilities in the automotive OEM market."
    French concluded, "We believe there are numerous strategic opportunities in which we can leverage our competitive position as a high-quality low-cost producer. The success of our proven manufacturing processes, our technical know-how and our first-rate customer service is exemplified by our more than forty-year partnership with Ford Motor Company. The TransVision Board of Directors has given us the green light to focus on growing the Company and further enhancing our competitive position in the automotive arena, building upon the excellent relationships we currently share with our customers."
    Steel Parts Corporation, headquartered in Tipton, Indiana, is a leading Tier I and Tier II supplier of a broad range of high volume, close tolerance precision metal components, serving the automotive OEM industry for nearly sixty years. The company maintains more than 300,000 square feet of manufacturing space through its two facilities in Tipton, Indiana and a single facility in Spartanburg, South Carolina. Steel Parts, a Q-1, QS-9000/ISO-9001 and ISO 14001 certified manufacturer, has been a business partner with Ford Motor Company for more than forty years and is the predominant supplier of automotive clutch plates for Ford's domestic automotive production. The company's other major customers include: General Motors, Delphi Automotive Systems, Visteon, ZF, Dynax, Tokico, Trelleborg, Freudenberg NOK and Cooper Standard.
    Our manufacturing capabilities include: precision stamping and fine blanking (75 to 800 ton capacity); transfer and progress dies; robotic welding; spot and mig welding; projection welding; vibratory finishing; deburring; automated assembly; riveting; thermal and mechanical flattening; staking; and machining. Machining processes are considered through GSC Steel Parts, LLC, a minority joint venture located in Indianapolis, Indiana. In addition, we have established relationships with subcontractors to offer the following ancillary services: heat treating; plating; painting (e-coat and powder coat); zinc phosphate coating; roll threading; and shot blasting.
    For more information visit our site at www.steelparts.com or call Dennis French, President & CEO at (765) 675-2191 or email dfrench@steelparts.com. For additional product and sales information please call Jim Baldwin, VP Marketing and Sales at (734) 953-2410 or email jbaldwin@steelparts.com.