VELTRI METAL PRODUCTS Announces New Facility

TROY, Mich., March 5 -- VELTRI METAL PRODUCTS, Inc. ("Veltri") has approved the construction of a new 110,000 sq. ft. manufacturing and office facility in the town of Lakeshore, Ontario to produce stamped assemblies for the North American light vehicle production industry according to Michael Veltri, Veltri's President and CEO, who made the announcement today. Veltri's facility is being constructed in association with Veltri's design consultant, L. P. Meyer & Associates (Windsor) Ltd., on a portion of an 83 acre industrial park that is under development by Obolus Limited.

The investment will create approximately 100 new jobs for the community and further strengthen Veltri's position as a premier Tier One supplier. "We are very excited to expand once again in the Essex County area, but this has only been made possible by our excellent associates who continue to produce world class quality products at competitive prices," said Veltri. "Our commitments and relationships with our customers are outstanding."

VELTRI METAL PRODUCTS, Inc. is a leading full-service Tier One designer and manufacturer of high quality, stamped metal components and complex assemblies used by North American automotive original equipment manufacturers including DaimlerChrysler, General Motors Corporation, Honda Motor Co., Ltd., Ford Motor Company and other Tier One suppliers. The Company specializes in underbody/chassis and unexposed body structure assemblies for passenger cars, light trucks and full size vans. Veltri's products include frame rail assemblies, inner quarter panels, rear ladder modules, cross member assemblies, and trailer hitch assemblies. The Company operates nine facilities throughout North America and generates sales of approximately US$250 million. The Company and its management team are highly respected within the automotive industry for their expertise in supplying multi- component, complex stamping assemblies, an outstanding new program launch record and strong customer and employee relationships. The company employs over 1600 people at manufacturing facilities in the United States and Canada and is headquartered in Troy, Michigan.