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Oxford Automotive Signs Agreement to Acquire Major French Stamper

16 December 1998

Oxford Automotive Signs Agreement to Acquire Major French Stamper

    TROY, Mich., Dec. 15 -- Oxford Automotive, Inc. today
announced it has signed an agreement to purchase the Cofimeta Group, the third
largest stamping and metalforming company in France, from Groupe Valfond.  The
Cofimeta Group has annualized sales of approximately $200 million per year and
maintains five manufacturing facilities employing approximately 1,600
employees.  These facilities are located in Douai, St. Florent and Orbec,
France.
    The transaction is expected to close early January and is subject to
completion of certain conditions.
    The announcement of the acquisition of Cofimeta Group positions Oxford
Automotive in the European automotive market as a major full service Tier 1
designer and producer of high quality, engineered metal components and
assemblies.  The announcement also marks another highlight in a year of
enormous growth at Oxford.  With its most recent announcement, Oxford
Automotive is fast becoming a major global supplier to the world's automotive
manufacturers with projected revenues in excess of $800 million.
    "The acquisition of Cofimeta underlines our commitment to be the premier
global metal forming supplier to the automotive industry, with particular
focus on highly engineered complex modules," said Selwyn Isakow, Chairman of
Oxford Automotive.
    Cofimeta is a European leader in production of metal body parts, chassis,
suspension and structural components and systems, assembly operations,
e-coatings, and JIT deliveries to the automotive industry.
    Cofimeta is QS9000 recognized by North American OEMs, EAQF 94, recognized
by French, German and Italian manufacturers and ISO 9001 certified.
Cofimeta's primary customers are Renault, Peugeot and Citroen (PSA).  Its
plants are strategically located near GM Opel, Scania, and Ford manufacturing
facilities.
    "Oxford brings world class technology, global product management
capabilities and a focused strategy to Cofimeta," said Jean-Francois Constant,
President of the Cofimeta Group.  "Cofimeta's complementary product lines and
equipment as well as our relationship with our customer base and qualified
work force, position us to meet the demands of a rapidly changing industry."
    "Cofimeta gives us an important European manufacturing platform centered
in France.  These French manufacturing facilities provide Oxford Automotive
with immediate benefits, most importantly a well-trained labor force, an
expanded global customer base and an ease of access to European markets,"
commented Steve Abelman, President and CEO of Oxford Automotive.  "Our future
plans are to construct a new technical center located near Paris that will
provide advanced engineering, design, program management and other services
that are required by our customers.  This new Technical Center will be an
integral part of Oxford Automotive's global design and engineering
capabilities."
    Cofimeta's manufactured products complement Oxford Automotive's current
expertise in closures, twist axles, front suspension, structural and customer
service work.  The acquisition in France marks the first step in the
implementation of Oxford Automotive's European strategy.
    Oxford Automotive, headquartered in Troy, MI, is a leading full-service
Tier 1 designer and producer of high quality, engineering metal components,
assemblies and modules used by automotive OEMs.  Oxford Automotive operates in
16 facilities with state-of-the-art technologies in metal stamping, roll
forming, welding and assembly equipment.