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The Crawford Group Acquires The Glastic Corporation from Kobe Steel USA

21 September 1999

The Crawford Group Acquires The Glastic Corporation from Kobe Steel USA

    TROY, Mich., Sept. 20 -- Richard Crawford, Chairman of The
Crawford Group LLC, announced today that an agreement has been reached for the
group to purchase The Glastic Corporation from its stockholders, Kobe Steel
and Itochu Corporation.  The closing is expected to take place in the fourth
quarter of 1999.  Financial details were not disclosed.
    The Glastic Corporation generated over $50 million in revenue in 1998, and
manufactures thermoset plastic components for the industrial market at two
Cleveland, Ohio-based facilities.
    "We believe Glastic will provide an excellent platform from which to
introduce our world class quality, service and technologies developed in the
highly competitive automotive arena, to the industrial plastics market," says
Crawford.
    The Crawford Group, headquartered in Grosse Pointe, Michigan, is an
investment company focused on the real estate, construction, and manufacturing
industries, and has combined assets of $475 million, revenues of $765 million
and over 6,000 employees in 13 states and 4 countries.