Intier announces completion of review of carrying value of goodwill and long-lived assets

    NEWMARKET, ON, Canada, Feb. 3 -- Intier Automotive
Inc. today announced that it has completed its
annual assessment of goodwill impairment in accordance with Canadian and
United States generally accepted accounting principles. As a result of this
review, Intier has determined that it will reduce the carrying value of
goodwill by U.S.$3.5 million in its Interiors Europe reporting segment. In
conjunction with its review, Intier also assessed the recoverability of long-
lived assets in the reporting segment and has determined that it is
appropriate to reduce the carrying value of long-lived assets by U.S.$20.1
million. This long-lived asset impairment review was performed in accordance
with newly adopted accounting standards in Canada (which also conform to
similar guidance in the United States). The reductions of goodwill and long-
lived assets will be recorded in operating income as non-cash impairment
charges to Intier Automotive's fourth quarter 2002 earnings. In addition, net
tax assets of U.S.$1.5 million associated with these operations will be
charged to fourth quarter 2002 earnings. The fourth quarter 2002 impact is
expected to be a reduction to net income of approximately U.S.$25.1 million.
    Intier will announce its financial results for the fourth quarter and
fiscal year ended December 31, 2002, following the close of business on
Thursday, February 13, 2003. Intier will hold a conference call to discuss the
fourth quarter and fiscal year end results and other developments on Friday,
February 14, 2003 at 3:30 p.m. EST (Toronto Time). The number to use for this
call is 1-888-313-7737. International callers should use 212-346-6527. Please
call in 10 minutes prior to the conference call. The conference call will be
chaired by Don Walker, President and Chief Executive Officer and Michael
McCarthy, Executive Vice-President and Chief Financial Officer. For
teleconferencing questions, please call Karen Lesey at Intier at 905-898-5200
Ext. 7042. For anyone unable to listen to the scheduled call, the rebroadcast
number will be 1-800-558-5253 (reservation number is 21114743(pound key) and
will be available until Friday February 21, 2003.
    Intier is a global full service supplier and integrator of automotive
interior and closure components, systems and modules. It directly supplies
most of the major automobile manufacturers in the world and employs over
20,000 people at 64 manufacturing facilities, and 19 product development,
engineering and testing centres in North America, Europe, Brazil, Japan and
China.

    This press release may contain forward-looking statements within the
meaning of applicable securities legislation. Such statements involve certain
risks, assumptions and uncertainties which may cause actual future results and
performance of Intier Automotive Inc. (the "Company") to be materially
different from those expressed or implied in these statements. These risks,
assumptions and uncertainties include, but are not limited to: industry
cyclicality, including reductions or increases in production volumes; trade
and labour disruption; pricing concessions and cost absorptions; product
warranty, recall and product liability costs; the Company's financial
performance; changes in the economic and competitive markets in which the
Company competes; relationships with OEM customers; customer price pressures;
the Company's dependence on certain vehicle programs; currency exposure;
energy prices; and certain other risks, assumptions and uncertainties
disclosed in the Company's public filings. The Company disclaims any intention
and undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent information, events or circumstances or
otherwise.