DURA Automotive to Acquire Creation Group

    ROCHESTER HILLS, Mich.--June 19, 2003--DURA Automotive Systems, Inc. , announced today that it reached agreement with Heywood Williams Group PLC (United Kingdom) to acquire its Creation Group, a premier designer and manufacturer of windows, doors and specialty products for the North American recreation vehicle, motor vehicle accessories and manufactured housing markets.
    Financial terms of the deal include a purchase price of $57 million, subject to a working capital adjustment and an earn out provision of an additional $3 million if the acquired entity achieves certain financial targets. DURA plans to use cash on hand to finance the transaction. DURA anticipates the acquisition will close during the summer of 2003 and will be accretive to earnings for the year.
    "This acquisition will compliment our existing Atwood Mobile Products division by expanding our product offerings and bringing on new customers," said Larry Denton, president and chief executive officer of DURA Automotive. "Strategically, this is an important step for DURA, significantly increasing our presence in the recreation and specialty vehicle markets with a widely recognized and respected supplier to the industry."
    The Creation Group, headquartered in Elkhart, Ind., had 2002 revenues of $145 million, operating income of $9 million and depreciation expense of $3 million resulting in EBITDA of $12 million. The Creation Group has approximately 1,100 employees at 10 facilities in Indiana, Ohio and Pennsylvania.
    The completion of the acquisition is contingent upon shareholder approval by the seller and receiving customary regulatory approvals. Further information about Creation Group and its products is available on the Internet at www.creationgroup.com.
    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 and specialty vehicle markets. 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.

    This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. These statements are based on certain assumptions that the company has made in light of its experience in the industry as well as its perspective of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to (i) expected synergies, economies of scale and cost savings from the company's acquisitions not being fully realized or realized within the expected times frames; (ii) unanticipated difficulties servicing the indebtedness of the company; (iii) costs or operational difficulties related to integrating the operations of the acquired entities with those of the company being greater than expected; (iv) labor disputes involving the company or its significant customers; (v) risks associated with conducting business in foreign countries, and (vi) general economic or business conditions affecting the automotive industry, either nationally or regionally, being less favorable than expected.