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Standard Products to Acquire OEM/Miller Corporation

15 July 1998

STANDARD PRODUCTS TO ACQUIRE OEM/MILLER CORPORATION

    DEARBORN, Mich., July 15 -- The Standard Products Co.
today announced that its wholly owned subsidiary, Holm Industries,
Inc., has reached a definitive agreement to purchase the assets of OEM/Miller
Corporation, a privately owned manufacturer of specialty corrugated plastic
tubing and molded parts for the appliance, automotive and construction
industries.
    OEM/Miller, which is headquartered in Aurora, Ohio, had 1997 sales of
approximately $23 million.
    OEM/Miller will become a separate operating unit of Holm.  Based in
Scottsburg, Indiana, Holm is a major supplier of gaskets for residential and
commercial refrigerators and other appliances. OEM/Miller's corrugated plastic
tubing is used on many brands of dishwashers, dryers, washing machines and
other appliances.  OEM/Miller also has a growing presence in the automotive
original equipment market, where it manufactures protective coverings and air
ducts.
    "The OEM/Miller acquisition will allow Holm to better serve its appliance
industry customers by expanding its product offerings to those customers,"
said Ron Roudebush, vice chairman and chief executive officer of Standard
Products.  "We also expect that Standard Products' long-standing relationships
with the automobile manufacturers will help the growth prospects of this
segment of OEM/Miller's business."
    He continued, "This purchase represents a first step in our renewed effort
to increase shareholder value through acquisitions which complement our
current technologies and broaden and strengthen the product lines in the
markets we serve.  We continue to aggressively seek out opportunities to
expand our businesses."
    The purchase is expected to be finalized within 60 days, following receipt
of regulatory approvals and completion of due diligence.  The transaction is
not expected to be dilutive to earnings.  Terms of the transaction were not
disclosed.
    Standard Products manufactures sealing, trim and vibration control systems
for the automotive original equipment industry at plants in North and South
America and Europe.  Its Holm Industries subsidiary produces seals for
residential and commercial appliances, doors and windows.  Its Oliver Rubber
subsidiary manufactures tread rubber and equipment for the truck tire retread
industry.  Additional information can be found on the Company's Internet