Venture Challenges Auto Industry Trend with New Owners, New Management and No Debt

STERLING HEIGHTS, Mich., May 3, 2005 -- At a time when many auto suppliers are suffering financial instability, a group of new owners have purchased the assets of Venture Holdings LLC and installed a new management team.

Eugene I. Davis has been elected Chairman of the Board and interim Chief Executive Officer. He has served as Chairman of the Executive Committee of Exide Technologies Inc., was Chairman and Chief Executive of RBX Industries, Inc., and is a Director of Oxford Automotive Europe. Kirk Aubry, former executive vice president of Textron Automotive will be Chief Operating Officer and Christopher Smith, former CEO of Venture's Deluxe Engineering will be Chief Financial Officer.

"Venture's new ownership group gives us a solid foundation of financial support, a track record for sound investment, and a commitment to grow this company going forward," said Davis. "We have an experienced and dedicated work force, strong customer relationships and a renewed focus and enthusiasm to make Venture the industry's premier supplier of automotive systems and components."

"We have already begun an aggressive revitalization program focused on increasing plant efficiency and utilization, stabilizing ongoing operations and pursuing growth opportunities," said Aubry. "For the near term, we'll continue to operate using the Venture name.

"Obviously we face some big challenges in a tough, competitive industry but we've already overcome bigger challenges and are in an outstanding position to forge ahead," Aubry said. "We're focused on building a lean organization, maximizing our plant output and quality and exceeding our customers' expectations. That's the only way we can make Venture the kind of company it has to be to succeed in this market."

Venture is a full-service Tier One automotive supplier with capabilities in design, engineering, and integration of individual systems or complete vehicle modules. Founded in 1974, the company has some 6,300 employees in 28 facilities in the United States, France and the Czech Republic.

Annual sales in 2004 totaled just under $1 billion to the leading OEMs including DaimlerChrysler, Ford and General Motors in North America and VW/Audi, Renault, Peugeot, Nissan, Toyota, Hyundai, Kia, Skoda Suzuki and Opel in Europe.