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Chasco Systems, Inc. Purchases Delphi's Hot Coil Spring Operations

4 September 1998

Chasco Systems, Inc. Purchases Delphi Automotive Hot Coil Spring Operations

    DALLAS, Sept. 4 -- Chasco Systems, Inc., an entity owned by
the Walton Johnson Group, Inc. and Chasco Capital Corp. today announced they
have completed the purchase of Delphi Automotive Systems hot coil spring
operations in Livonia, Mich.  Terms of the sale were not disclosed.
    According to Chasco CEO John Walton, the new venture will employ
approximately 140 people in a 300,000-square-foot portion of an existing
Delphi plant.  The current customer base includes a number of GM car and truck
operations.
    "Through Chasco, we look forward to building on the reputation this
operation has earned as a reliable suspension coil spring supplier to General
Motors," said Walton.  "And, it is our intention to broaden our spring product
offering and customer base for all vehicle OEMs as well."
    The Walton Johnson Group is a minority-owned firm based in Dallas, Texas
with investments in multi-family real estate and the securities industry.
Chasco Capital Corp. is owned jointly by Mr. John Walton and his financial
partner, Mr. William G. Mays.  Mr. Mays is the owner of Mays Chemical Co., a
national concern with revenues in excess of $120 million annually.  Mr. Mays
also maintains a large portfolio of investments in commercial and multi-family
real estate and broadcast and print media companies.