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Aetna Industries, Inc. Receives Necessary Consents in Tender Offer

12 August 1999

Aetna Industries, Inc. Receives Necessary Consents in Tender Offer And Consent Solicitation for its 11 7/8% Senior Notes due 2006, Series B

    CENTERLINE, Mich., Aug. 11 -- Aetna Industries, Inc.
("Aetna") today announced that it has received the required consents to amend
the indenture relating to its $85.0 million outstanding principal amount of 11
7/8% Senior Notes due 2006, Series B (the "Notes").  The consents received and
not revoked on or before August 10, 1999 represent more than a majority of the
aggregate principal amount of the outstanding Notes.  Aetna solicited the
consents to the amendments pursuant to an Offer to Purchase and Consent
Solicitation Statement dated July 28, 1999.
    The Consent Payment Deadline (as defined in the Offer to Purchase and
Consent Solicitation Statement) with respect to the Notes was August 10, 1999.
Holders of Notes who wished to receive the Consent Payment of $30 per $1,000
in Note principal amount upon consummation of the tender offer must have
tendered their Notes and related consents to Norwest Bank Minnesota National
Association, as depositary, at or prior to 5:00 p.m., New York City time, on
August 10, 1999.
    The tender offer will expire at midnight, New York City time, on August
24, 1999, unless terminated or extended.
    Banc One Capital Markets, Inc., is acting as the dealer manager for the
tender offer and the consent solicitation.  The depositary for the tender
offer is Norwest Bank Minnesota National Association.
    This press release is neither an offer to purchase nor a solicitation of
an offer to sell the Notes.  The tender offer and consent solicitation are
made only by the Offer to Purchase and Consent Solicitation Statement dated
July 28, 1999.  Additional information concerning the terms of the tender
offer and consent solicitation may be obtained from Banc One Capital Markets,
Inc., High Yield Capital Markets, at 800-336-3533.  Copies of the Offer to
Purchase and Consent Solicitation Statement and related documents may be
obtained from MacKenzie Partners, Inc., the information agent, at
800-322-2885.
    Statements in this press release which are not historical facts or
information may be forward-looking statements based on current expectations
that are covered under the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.  These forward-looking statements involve risks
and uncertainties that could cause the outcome to be materially different from
expectations.  Certain of these risks and uncertainties are set forth in
Aetna's 1998 annual report on Form 10-K, its quarterly report on form 10-Q and
subsequent filings filed with the Securities and Exchange Commission.