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AP Automotive Systems, Inc. Completes Sale

1 June 1998

AP Automotive Systems, Inc. Completes Sale of its Non-Core Aftermarket Unit

    TOLEDO, Ohio, June 1 -- AP Automotive Systems, Inc. announced
today that it had completed the sale of its aftermarket division to a
privately owned company.  Terms of the cash transaction were not disclosed.
    The purchasers are Vange and Andy Proimos, of Hobart, Ind., whose
companies serve the automotive aftermarket.  They manufacture the CATCO(R)
catalytic converters through their AirTek, Inc. company.  Vange Proimos will
head a new company to be created by the acquisition of AP's aftermarket unit.
    Terry Bernander, president and chief operating officer of AP Automotive
Systems, said that the disposition would enable AP to focus on its original
equipment manufacturing (OEM) business.
    "The aftermarket business, while profitable, has totally different
dynamics and was not considered part of our core market," Bernander said.  "We
are focusing our time, energy and capital on the OEM business to strengthen
our position in the global market."
    The aftermarket division, based in Goldsboro, N.C., produces a wide range
of exhaust system components, including tubing and mufflers.  Its sales do not
represent a material portion of total AP Automotive Systems revenues.
    AP Automotive Systems is the third largest producer of integrated exhaust
systems in the world.  Manufacturing facilities are in the U.S., Sweden and
the Netherlands and its OEM customer list includes GM, Ford, Mercedes, Volvo
and Kia.  R&D centers are in Toledo, Ohio, and Torsas, Sweden.
    AP Automotive Systems, a consolidation of Tube Products Corporation and AP
Parts International, is headquartered in Toledo and has annual sales of
approximately $600 million.  It is a portfolio company of Questor Partners
Fund, L.P.