Spectra Premium Will Manufacture Fuel Tanks for General Motors' New Pontiac GTO

BOUCHERVILLE, QUEBEC-September 11,2002-Spectra Premium Industries Inc. (SPI), a North American leader in the manufacture of automotive, light-truck and heavy-duty truck aftermarket parts, announces the conclusion of an agreement with Holden Ltd. of Port Melbourne, Australia, a wholly-owned subsidiary of General Motors, for the manufacture of fuel tanks for the modern version of the legendary Pontiac GTO.

This contract will represent an annual production at SPI's Boucherville plant of 18,000 units to be delivered to Holden's assembly plant in Australia. Production is scheduled to begin in September 2003. After having ceased the production of the GTO in 1974, GM will be introducing a new version of this car in the United States in 2004.

"We are proud to be associated with the renaissance of the Pontiac GTO," declared Mr. Jacques Mombleau, President & Chief Executive Officer of Spectra Premium. "This third contract with GM since April 2002 clearly indicates once again our ability to penetrate the O.E.M. market, not only in North America, but worldwide," added Mr. Jacques Mombleau.

The commercial value of all OEM contracts signed to date this year is between $45 and $60 million, representing from $15 to $20 million on an annual basis. These contracts will start generating revenues in 2003 and are effective until July 2007. "We are confident that we will be announcing other O.E.M. contracts in 2002," concluded Mr. Mombleau.

Profile

Spectra Premium is the world leader in the manufacture of fuel tanks and related components for the automobile and light-truck aftermarkets. The Corporation ranks first in the Canadian automobile and industrial radiator, radiator component, remanufactured compressor and new and reconditioned oil pan aftermarkets. It also maintains a presence in markets such as sending units, condensers, heater cores and other air-conditioning parts. Recently, the Corporation expanded its activities in the OEM market by producing radiators for industrial applications, such as power supply equipment, and in addition, signed their first automotive O.E.M. contracts to supply steel fuel tanks. Spectra Premium currently employs approximately 1,520 people in its eight (8) plants and 51 distribution centers, which are located throughout Canada, the United States and Europe. Its shares are traded on the Toronto Stock Exchange.