TriMas Corporation Strengthens World-Class Fastening Systems Group Operations With Consolidation of Lake Erie Products' Lakewood, Ohio, Facility

BLOOMFIELD HILLS, Mich., May 22, 2003 -- To enhance the company's Fastening Systems Group's role as a world-class supplier and position it for future growth, TriMas Corporation has announced it will consolidate its Lake Erie Products manufacturing operations in Lakewood, Ohio, into its facilities in Frankfort, Ind.; Wood Dale, Ill. and Livonia, Mich. The transition will begin this month and is expected to be completed in April 2004.

Lake Erie Products will remain a part of the Cleveland community, according to Terry Campbell, president of the TriMas Fastening Systems Group, by continuing to operate its steel processing unit at the 57-year-old, 380,000-square-foot Lakewood facility and retaining employment for 20 to 30 production employees. In addition, sales, marketing and business support staff will remain in the Cleveland area.

Approximately 100 production-related employees will be affected by this move, he said, noting the company hopes to offer some of the affected employees similar positions at the other three facilities involved in this consolidation effort.

"These actions represent a commitment to our customers of providing world- class, value-added fastening solutions," Campbell said. "The consolidation will drive efficiencies by eliminating redundancies and leveraging manufacturing assets across all Lake Erie Products business units, and will establish an optimal business framework for future investment and growth."

Furthering its commitment to its fastening systems customer base and broadening its product offering, TriMas recently acquired Metaldyne Corporation's Hi-Vol automotive fastening business -- a leading manufacturer of specialized fittings and cold-headed parts used in automotive and industrial applications. Products include specialty tube nuts, spacers, hollow extruded components, and locking nut systems used in brake, fuel, power steering, and engine, transmission and chassis applications.

A pioneer in the fastener industry, Lake Erie Products (which includes Entegra Fastener and Lake Erie Screw) is one of two businesses that make up the newly created TriMas Fastening Systems Group. Lake Erie Products manufactures small specialty and custom fasteners and build-to-print large diameter fasteners. The specialty fastener products are utilized by thousands of end-users in such diverse markets as agricultural and transportation equipment, construction and fabricated metal products, as well as commercial and industrial maintenance markets.

The company's Fastening Systems Group also includes Monogram Aerospace Fasteners. This business manufactures highly engineered specialty fasteners for the domestic and international aerospace industry and the associated aftermarket for replacement and maintenance parts. Monogram is the market leader within the two primary niche segments of the aerospace fastener industry in which it competes -- permanent blind bolts utilized in aircraft assembly and temporary fasteners utilized during the construction of aircraft.

Headquartered in Bloomfield Hills, Mich., TriMas is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for commercial, industrial and consumer markets worldwide. TriMas consists of 10 companies and employs nearly 5,000 employees at 80 different facilities in 10 countries. TriMas is organized into four strategic business groups: Cequent Transportation Accessories, Rieke Packaging Systems, Fastening Systems and Industrial Specialties. For more information, visit www.trimascorp.com .