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DURA Automotive Completes Divestiture of European Mechanical Assemblies Business

    ROCHESTER HILLS, Mich.--March 10, 2003--DURA Automotive Systems, Inc. , announced today that it has completed the divestiture of its European Mechanical Assemblies business to Magal Engineering Limited and members of the local management group, located in Woodley, England. The divestiture was part of DURA's strategic repositioning to focus the company on businesses that meet its future growth and profitability targets. The details of the divestiture are consistent with the January 22 announcement.
    The European Mechanical Assemblies business employs approximately 990 people at facilities located in Grenoble and Boynes, France; and Woodley, Nottingham and Stourport, UK. The European Mechanical Assemblies business generated annualized revenues of approximately $95.0 million.
    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 recreation 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 is headquartered in Rochester Hills, Mich. Information about DURA and its products is available on the Internet at www.duraauto.com.