Stoneridge and Ashok Minda Group Create Joint Venture in India

WARREN, Ohio, Aug. 16, 2004 -- Stoneridge, Inc. announced today that it has entered into a joint venture with Ashok Minda Group to manufacture electronic instrumentation equipment for the automotive and truck markets in India and the surrounding countries.

Plans include expanding Minda's existing plant in Pune, India to produce electronic instrumentation equipment. The plant currently manufactures mechanical instrumentation equipment. Production of the new equipment is scheduled to begin within 18 months.

The market for electronic instrumentation is expected to grow substantially in India, not only because of the robust growth of the overall economy, but also as a result of new government-mandated emissions standards that go into effect in 2005, requiring conversion to electronically controlled engines.

"This joint venture fits perfectly with our global growth strategy and allows us to leverage our existing design and manufacturing capabilities to expand in the growing Asian markets," said Edward F. Mosel, Stoneridge's chief operating officer. "Our goal is to be a leading supplier of highly engineered electrical and electronic components and systems for major automotive and commercial vehicle manufacturers worldwide."

"Our partnership with Ashok Minda Group will enhance our presence in the very important and rapidly evolving market in India," said Mark Tervalon, vice president and general manager of Stoneridge Electronics Group. "Further, this establishes yet another facility with which Stoneridge Electronics Group can pursue its vision of being a global leader in instrumentation for the commercial vehicle market."

"We look forward to working with Stoneridge in this joint venture, which will enable us to serve our customers better," said Ashok Minda, Group Chairman of Ashok Minda Group. "The combined resources of Minda and Stoneridge will provide leading-edge technology that will be essential in meeting the changing needs of our markets."

Ashok Minda Group is a major supplier to customers including General Motors India, Ford India Limited, Tata Motors, Maruti (Suzuki), Daimler Chrysler, Bajaj Auto Limited, Mahindra and Mahindra, Piaggio, MBK, Derby and Peugeot. It has seven plants spread across different parts of the country and employs approximately 3,000 people. It manufactures automotive parts such as electronic and mechanical security systems, driver information systems, connective systems and switches. The Group has grown at the rate of 40 percent for the last three years and is setting up three new plants in India and Indonesia. It is renowned for quality and service in the Indian automotive market. Additional information on Ashok Minda Group can be found at http://www.minda.co.in/ .

Stoneridge, Inc., headquartered in Warren, Ohio, is a leading independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, medium- and heavy-duty truck, agricultural and off-road vehicle markets. Sales in 2003 were approximately $607 million. Additional information about Stoneridge can be found at http://www.stoneridge.com/ .

Forward-Looking Statements

Statements in this release that are not historical fact are forward- looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release. Factors that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer, a decline in automotive, medium- and heavy-duty truck or agricultural vehicle production, the failure to achieve successful integration of any acquired company or business, labor disputes involving the Company or its significant customers, risks associated with conducting business in foreign countries, or a decline in general economic conditions. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. Stoneridge does not undertake any obligation to publicly update or revise any forward- looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in Stoneridge's periodic filings with the Securities and Exchange Commission.