Shawmut Completes Acquisition of Brooklyn Products Assets

PLYMOUTH, Mich., May 13, 2003 -- Shawmut Corporation (formerly Shawmut Mills) the largest independent supplier of headliner laminates and other soft composites for automotive interiors, announced today that it has completed the acquisition of the assets of Brooklyn Products Incorporated of Brooklyn, Mich. Brooklyn Products is a leading provider of die cut and formed soft material inserts used in the production of door panels, sunshades, kick panels and specialty seating components.

Shawmut's acquisition of Brooklyn Products further broadens its range of product offerings to Tier 1 and 2 customers by giving Shawmut capabilities in specialized cutting, thermo-forming, heat-sealing, and welding for engineered materials.

Daniel Wyner, president and CEO of Shawmut welcomed Brooklyn stating, "We are pleased to add Brooklyn's products to the Shawmut family. We expect to leverage the strong heritage and talents of both organizations to facilitate growth in existing and new markets. Brooklyn's products and production capabilities broaden our offerings to our traditional markets as well as providing advanced production technologies. This will allow us to leverage extensive technical resources to bring increased value to our combined customer base."

"The acquisition combines the technical and commercial expertise of two companies that are leaders in the production of soft materials used in automotive interiors," said Robert Linenfelser, president of Brooklyn Products.

Shawmut will be the industry's largest independent provider of laminated and engineered textile components with revenues in excess of $100 million. Shawmut plans to consolidate the assets of Brooklyn Products' Michigan operations into its Port Huron, Mich. production facility in late 2003.

Shawmut Corporation, founded in 1916, is a privately held company headquartered in West Bridgewater, Mass. with manufacturing locations in West Bridgewater and Port Huron, Mich., and a sales office located in Plymouth, Mich. Shawmut possesses the industry's broadest range of processes for laminating flexible materials for automotive interior applications. The company leverages this process capability in combination with material engineering expertise and a broad material supply network to bring best of breed composite solutions to its customers in areas such as headlining, pillar wraps, foam-in-place seating and components, and door panel inserts. For more information, see www.shawmutcorporation.com .

Brooklyn Products Incorporated is a family owned business founded in 1955 by Carl Linenfelser. Carl's son, Robert Linenfelser, has run the company since 1979.