Jeffrey Owen Acquires Assets of MIG Plastics, Inc., Launches Palm Plastics, Ltd.

MORENCI, Mich., Nov. 18, 2003 -- Palm Plastics, Ltd., a custom injection molding supplier for the automotive and industrial markets, acquired the assets of MIG Plastics, Inc., a $12 million custom injection molder for Tier One and Tier Two suppliers.

As a result of the agreement, Palm Plastics will acquire MIG Plastics' 100,000 sq. ft. large-tonnage facility located in Morenci, Mich., with manufacturing capacity that includes injection molding equipment up to 3,000 tons.

Under terms of the acquisition, Jeffrey Owen, president of Jeffrey Owen & Associates, an international manufacturer's representative firm, becomes majority investor as well as president and chairman of Palm Plastics and will also oversee the company's sales and marketing office in Sterling Heights, Mich.

Mark Mignin, formerly president of MIG Plastics, will become advanced engineering manager for Palm Plastics worldwide.

"The technical and manufacturing strengths of MIG Plastics combine perfectly with the marketing and sales expertise of Jeffrey Owen," said Mignin. "We look forward to a long-term partnership."

Bob Pepper, previously general manager of international roof systems supplier Webasto Roof Systems, Inc., has joined Palm Plastics as general manager and will be responsible for all operations.

"Palm Plastics brings unique capabilities to the Tier One automotive supplier base, including the ability to function as a complete system provider with operational, engineering and quality expertise," said Pepper.

Palm Plastics, Ltd. manufactures a vast range of interior and exterior components, assemblies, and complex modules for the automotive industry.

Palm Plastics, Ltd. manufactures interior and exterior components, assemblies and complex modules for the automotive industry through its world- class, 100,000 sq. ft. facility located in Morenci, Mich. Palm Plastics utilizes 170-ton to 3,000-ton injection molding equipment and implements state-of-the-art technology in the development of a vast range of products for passenger and commercial vehicles. In addition to its corporate and manufacturing facility, Palm Plastics operates a sales and marketing office in Sterling Heights, Mich.

NOTE TO EDITORS: Headshots of Jeffrey Owen, Bob Pepper and Mark Mignin are available upon request.