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Stamping Suppliers, Aetna Industries and Sofedit, Merge

14 April 1998

Stamping Suppliers, Aetna Industries and Sofedit, Merge

    CENTERLINE, Mich., April 14 -- MS Acquisition Corp. announced
today the closing of the purchase of all of the outstanding capital stock of
Societe Financiere de Developpement Industriel et Technologique, a French
societe anonyme (Sofedit).  The consideration paid to the stockholders of
Sofedit consisted of promissory notes in the aggregate principal amount of
approximately $41 million, preferred stock in the aggregate stated amount of
$27 million and 3,000,000 shares of common stock of MS Acquisition Corp.
(representing approximately 75% of the fully-diluted common stock ownership).
In addition, approximately $12 million of debt of the Sofedit group has been
assumed in connection with the transaction.
    Sofedit is a leading "Tier I" or direct supplier of welded subassemblies,
body in white parts, clutch, brake and accelerator pedal modules, fuel tanks,
crossmembers and chassis parts used as original equipment components by
original equipment manufacturers in the European automobile industry.  Sofedit
generated approximately $500 million in net revenues in 1997.
    MS Acquisition Corp., through Aetna Industries, Inc., its wholly-owned
subsidiary, is a leading "Tier I" or direct supplier of high-quality modules,
welded subassemblies and stampings used as original equipment components by
original equipment manufacturers in the North American automobile industry.
Aetna's net revenues in 1997 were $206 million.
    This merger strongly positions The Company to compete on a global basis
and take advantage of the many large, international programs sourced by auto
makers in the future.

SOURCE  MS Acquisition Corp.