GDX Automotive to Acquire Vibration Damper Business from BorgWarner Inc.

FARMINGTON HILLS, Mich., Feb. 24, 2005 -- GDX Automotive today announced a definitive agreement to purchase the Vibration Damper Business from BorgWarner Inc. The acquisition marks a re-entry by GDX into the anti-vibration components business in North America and provides a platform to grow the company's current European molded rubber and rubber-to-metal product offerings. "The acquisition of the Vibration Damper Business from BorgWarner is an exciting opportunity for the GDX team to diversify our product portfolio and to leverage our tremendous polymers and systems engineering capability for new customers," declared GDX Automotive Chairman and CEO Morris Rowlett.

GDX Automotive expects to complete the transaction by the end of August 2005. Terms of the transaction were not disclosed.

GDX Automotive is a leading global supplier which designs, develops, markets and manufactures highly engineered sealing systems for both dynamic and static automotive applications. GDX's products include weather-strip seals, glass encapsulation, modular sealing systems and anti-vibration components. GDX global headquarters is in Farmington Hills, Michigan. Its European headquarters and technical center is in Grefrath, Germany. GDX has five plants in North America, seven plants in Europe, two joint ventures in China and employs approximately 7,000 people worldwide.