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Hidden Creek to Acquire Interest in J.L. French Automotive Castings

12 April 1999

Hidden Creek Industries to Acquire Controlling Interest in J.L. French Automotive Castings, Inc.

    MINNEAPOLIS, April 12 -- Hidden Creek Industries announced
today that it has signed an agreement to acquire a controlling interest in
J.L. French Automotive Castings, Inc. ("French"), a leading designer and
manufacturer of highly engineered aluminum die cast automotive parts including
oil pans, engine front covers, engine blocks and transmission cases
headquartered in Sheboygan, Wis.  French, which will continue under the
direction of the current management team, has two manufacturing facilities in
Sheboygan, five in the United Kingdom and one in Spain.  French has annual
revenues in excess of $300 million with Ford and General Motors as its largest
customers.
    Hidden Creek Industries and its partner Onex Corporation will acquire a
majority of French's currently outstanding shares.  Current stockholders of
French will retain ownership in excess of 20 percent of the outstanding
shares.  The transaction is expected to close in April 1999.
    In commenting on the acquisition, S.A. "Tony" Johnson, president of Hidden
Creek Industries, said, "We are very excited about this transaction with
French.  We believe it is extremely well positioned to benefit from a
consolidation that is beginning in its segment of the automotive market.  Its
strong management team and geographic presence provide a strong platform for
growth."
    Charles M. Waldon, president and chief executive officer of French, said,
"Hidden Creek has demonstrated its ability to assist automotive companies in
meeting their strategic growth objectives.  We believe French is now well
positioned to continue its global expansion."
    Hidden Creek Industries is a privately held industrial management company
based in Minneapolis.  Hidden Creek Industries is also affiliated with Tower
Automotive, Inc., Dura Automotive Systems, Inc., and Trim Systems, Inc.
    Robert W. Baird & Co. Incorporated served as financial advisor to Hidden
Creek Industries.  Donaldson, Lufkin & Jenrette and Merrill Lynch & Co. served
as advisors to French.