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ASC Holdings Acquires JPE, Inc.

28 May 1999

Aftermarket Suppliers Join Forces

    SOUTHGATE, Mich., May 28 -- ASC Holdings LLC, and Kojaian
Holdings, LLC have acquired controlling interest in JPE, Inc.
(OTC BULLETIN BOARD: JPEI), a Tier I supplier of automotive exterior trim
packages and aftermarket heavy truck parts.
    ASC Holdings and Kojaian Holdings each acquired 47.5% of JPE Inc.  In
addition, the former lenders of JPE, Inc. acquired less than 1% of JPE, Inc.,
which remains a public company, with the balance of the ownership publicly
traded.  The former lenders of JPE, Inc. and the shareholders of JPE, Inc.
(other than ASC Holdings and Kojaian Holdings) as of June 11, 1999 will have
the right to acquire (in the aggregate) approximately an additional 15% of
JPE, Inc.
    JPE will do business as ASCET, which stands for ASC Exterior Technologies.
David Treadwell, President of ASC Holdings, will serve as Chairman of ASCET;
and Mr. Treadwell, Heinz Prechter, Mike Kojaian and C. Michael Kojaian will
serve as the Board of Directors.  Richard Chrysler continues to serve as
President and CEO of ASCET.
    ASC Holdings LLC is affiliated with ASC Incorporated, a long time supplier
of specialty vehicles and open-air systems to the global automotive market.
ASC Incorporated is also affiliated with Trim Systems, Inc., a market leader
of heavy truck interior trim.
    ASCET consists of three operating subsidiaries:  Plastic Trim, Inc. (PTI)
and Starboard Industries, Inc., both exterior trim suppliers which have
emerged from bankruptcy as a result of the ASC Holdings and Kojaian Holdings
investment; and Dayton Parts Incorporated, an aftermarket supplier of heavy
truck suspension and brake systems.
    "ASC Incorporated has built a reputation for providing creative, cost
effective solutions for specialty vehicles," stated David Treadwell.  "We are
pleased with the outlook for ASCET and the opportunity to become the market
leader in exterior systems. We see potential synergy between ASC Incorporated
and ASCET in both the OEM markets with PTI and Starboard, and the heavy truck
market with Dayton Parts. ASCET's strategy is to become a premier supplier of
exterior systems focusing on technology leadership.  It is our plan for Dayton
Parts to expand to supply a full line of suspension and braking systems to the
North American heavy truck aftermarket."
    ASCET, with its PTI, Starboard and Dayton Parts subsidiaries, is projected
to have sales of $160,000,000 in 1999.  PTI is located in Beaver Creek, Ohio;
Starboard in East Tawas, Mich. and Dayton Parts in Harrisburg, Pa.  Combined
they employ approximately 950 people.
    Treadwell complimented the JPE employees for continuing to produce high-
quality products in the face of the company's past financial difficulties.
"We see an excellent opportunity for growth with the strong financial base we
now have in place."
    ASC Incorporated is a global specialty vehicle and products manufacturer
with four operating activities:  Creative Services provides automotive design,
engineering and prototype services; Specialty Vehicles supplies the automotive
industry with manufacturing expertise, development and production of specialty
vehicles; Engineered Systems manufactures and distributes open-air systems
(convertible tops, sunroofs) and composites (removable hardtops, molded
products) for OEM applications; Aftermarket Products engineers and develops
top quality vehicle accessories for the aftermarket.  Headquartered in
Southgate, ASC maintains operations throughout the U.S., Canada, and in
Germany, Japan and Korea.
    Certain statements in this release constitute "forward looking statements"
within the meaning of the Securities Act of 1934 and are subject to a number
of risks and uncertainties.  These risks and uncertainties include the extent
and timing of the synergistic impact of the transaction; international,
national and local general economic and market conditions; the size and growth
of the automobile market or plastic automotive component market.