Formed Fiber Technologies Purchases Martin Color-Fi

FFT, a Morgenthaler Partners Portfolio Company, Expands Woven and Nonwoven Platform Company by Adding Leading Maker of Color Polyester Fiber

AUBURN, Maine, Nov. 24 -- Formed Fiber Technologies and its majority investor, Morgenthaler Partners, a leading middle market buyout company, announced today that they have acquired Martin Color-Fi, Inc (MCF). MCF, based in Sumter, South Carolina, is a leading North American producer of polyester fiber. Terms of the deal were not disclosed. FFT is the leading supplier of thermoformed, nonwoven system solutions to North American automotive OEMs and Tier 1 automotive suppliers.

"Martin Color-Fi represents a critical source of raw material for FFT, both now and for our future growth plans," says David MacMahon, President and CEO of FFT. "This acquisition allows us to consolidate FFT's relatively small solution-dyed polyester fiber manufacturing operation with MCF's larger facility and thus achieve economies of scale."

"The consolidated business will continue to serve all of MCF's current customers, in addition to FFT," says Steve Zagorski, formerly president of MCF and now vice president of manufacturing of the combined operation. "Acquisition by FFT brings increased financial strength to MCF and assures customers of a long-term, reliable source of solution-dyed polyester fiber."

FFT and Morgenthaler continue in their search to expand FFT through strategic acquisition. "The increasing reliance by automakers on a few key suppliers makes it imperative to grow," says Simon Feiglin of Morgenthaler and a member of the FFT board of directors. "We expect to add several complementary companies to FFT over the next three years."

About Formed Fiber Technologies

Formed Fiber Technologies is the leading supplier of thermoformed, nonwoven system solutions to North American automotive OEMs and Tier 1 automotive suppliers. Founded in 1979, it employs 600 associates at two state-of-the-art manufacturing plants in Auburn, Maine, and in Sidney, Ohio. Its website can be found at www.formedfiber.com .

About Martin Color-Fi

Martin Color-Fi, Inc. is a leading producer of polyester staple fiber and a QS9000/ISO 9002 certified company. It is based in Sumter, SC and employs 250 associates. Martin Color-Fi's website can be found at www.colorfi.com .

About Morgenthaler

Founded in 1968, Morgenthaler is a leading, national private-equity firm with a middle-market, management buyout group based in Cleveland, Ohio, and a venture-capital group based in Menlo Park, California. The firm has funded more than 180 companies over its 34-year history. With its new fund of $850 million raised in July of 2001, Morgenthaler now has a total of $2 billion under management.

The firm's buyout group focuses on management buyouts and leveraged recapitalizations of stand-alone middle-market companies, as well as divisions or subsidiaries of larger corporations. Morgenthaler has traditionally been strong in partnering with management teams to build industry-leading companies. For more information regarding the firm, visit www.morgenthaler.com .