Jerry L. Mosingo Named New Venture Holdings CEO

STERLING HEIGHTS, Mich., Aug. 29, 2005 -- New Venture Holdings, LLC, a Tier One automotive supplier of interior and exterior components, systems and modules, today announced the appointment of Jerry L. Mosingo as the company's chief executive officer.

"Jerry is an outstanding executive to carry out our aggressive global automotive strategy," said Gene Davis, New Venture Holdings chairman. "His customer focus, broad experience in lean manufacturing, acquisitions, and leadership skills make him the ideal candidate to guide our strong executive team as we move forward in the intensely competitive automotive supply business."

Mosingo, chief operating officer of ASC Incorporated since 2004 was formerly president and chief executive officer of Collins & Aikman. He joins a number of former senior Textron Automotive Company executives at New Venture Holdings, including the chief operating officer, chief marketing officer, chief procurement officer and several other key executives.

"In addition to having signed over $30 million in new global contracts since May, we are experiencing a dramatic increase in the number of new business opportunities from our customers," Davis added.

Prior to joining Textron in l998, Mosingo held a variety of manufacturing positions at Ford and A. O. Smith Automotive. At Textron, he served as executive vice president for global manufacturing.

Following the purchase of Textron's automotive trim division by Collins & Aikman in 2002, Mosingo became president and chief executive officer and a member of the board of directors of C & A where he had responsibility for C & A's $4 billion business which included 100 manufacturing facilities in 15 countries; 15 design, development and testing facilities; and some 25,000 employees. He joined ASC Incorporated as chief operating officer in February 2004.

Mosingo is active in a number of community activities including Boy Scouts of America, the Leukemia Foundation, the Linus Project, United Way, the Detroit Symphony Orchestra and the Detroit Regional Chamber of Commerce.

New Venture Holdings, LLC is a $1 billion automotive supplier of innovative design, engineering and manufacturing solutions for instrument panels and cockpits, painted exteriors (including modules), doors/door modules and cargo management systems. The company has over 6,000 employees in 28 facilities in the United States, France and the Czech Republic and supplies most of its automotive components and modules to DaimlerChrysler, Ford and General Motors in North America and Toyota, Nissan, Renault, PSA Peugeot Citroen, VW, Audi, Skoda, Isuzu and Suzuki in Europe.