DURA Automotive Divests Steering Gear Business

    ROCHESTER HILLS, Mich.--May 14, 2002--DURA Automotive Systems, Inc. , announced today it has divested its Steering Gear Business. This divestiture is a continuation of the company's strategic plan designed to focus on core businesses. The Steering Gear Business is a machining operation that utilized a technology determined to be non-essential to DURA's capabilities. This business employs approximately 200 people at a facility located in Woodley, England and generates annual revenue of approximately $20 million. The transaction will result in a one-time charge of approximately $22 million, or $1.10 per diluted share, in the second quarter of 2002 consisting of asset write-downs and contractual commitments. In lieu of proceeds to DURA, the buyer will assume certain liabilities of the business.
    DURA Automotive Systems, Inc., is the world's largest independent designer and manufacturer of driver control systems and a leading global supplier of seating control systems, engineered assemblies, structural door modules and integrated glass systems for the global automotive industry. The company is also a leading supplier of similar products to the North American recreational vehicle and mass transit market. DURA sells its automotive products to every North American, Japanese and European original equipment manufacturer (OEM) and many leading Tier 1 automotive suppliers. DURA's operating headquarters is in Rochester Hills, Mich., and its corporate offices are in Minneapolis, Minn. Information about DURA and its products are available on the Internet at www.duraauto.com.