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Allied Products' Verson Division Reports Transfer Press Sales

23 July 1998

Allied Products Corporation's Verson Division Receives Major Orders For Transfer Presses

    CHICAGO, July 23 -- Chicago-based Allied Products Corporation
announced today that its Verson division has received major
orders, totaling nearly $80 million, for several stamping presses of various
sizes for delivery by mid-1999.  This brings the total value of Verson's order
backlog to record levels.
    Chrysler Corporation ordered three multi-slide, 144-inch
transfer presses for the production of body panels for automobiles, sport
utility vehicles and light trucks.  All three presses will be equipped with
Verson's pace setting MultiMode(TM) electronic transfer feed and will be built
using Verson's innovative new modular design system, known as Bridge
Frame(TM), which allows for a substantial reduction in press assembly time.
The order is part of a five-year agreement concluded last November whereby
Verson was selected as the exclusive supplier of this size stamping press for
Chrysler.
    Richard A. Drexler, Chairman, President and Chief Executive Officer of
Allied Products, stated: "This important order adds to our Company's existing
record backlog and is the result of Verson's continuing relationship with
Chrysler Corporation.  The expansion currently underway at Verson's Chicago
facility was an important factor in Chrysler's decision to award us this
order."
    Verson also was awarded an order for two 3,000-ton transfer presses and
another order for two 1,500-ton transfer presses, both from leading Tier I
suppliers to the automotive industry.
    "We are most pleased to receive these important orders," commented Richard
W. Metzger, President of Verson.  "Both of these customers have expanded
significantly in recent years, and we look forward to working with them
closely as they pursue growth opportunities in North America and overseas."
    Headquartered in Chicago, Verson is the only American-owned-and-operated
manufacturer of large body-panel transfer presses.  Its customers include
major automotive and appliance manufacturers, contract stampers and a variety
of other manufacturers.  Allied Products Corporation manufactures large metal
stamping presses and equipment for agriculture and landscape maintenance.
These technologically advanced tools help Allied Products' customers operate
their businesses more effectively and profitably.