---

Cold Heading Co. Acquires Bolt Manufacturer

9 November 1999

Cold Heading Co. Acquires Bolt Manufacturer

   Acquisition Supports Aggressive Strategy for Growth and Long-Term Goals

    WARREN, Mich., Nov. 8 -- Cold Heading Company, a manufacturer
of threaded steel fasteners for the automotive industry, has acquired GT
Specialty Fasteners, Inc. of Walled Lake, Mich., a manufacturer of specialty
fasteners.
    By extending Cold Heading Co.'s product line, the acquisition bolsters the
company's continuing growth and improves its ability to meet customers' needs
amid continuing supplier rationalization the automotive industry.
    Terms of the acquisition were not disclosed and employment levels are
expected to remain unchanged.  Cold Heading Co. is privately held and expects
to achieve sales of $165 million this year and $190 million next year.
    "As our automotive customers continue to reduce their supplier base, we
intend to remain a capable, viable partner with them," said Derek Stevens,
Cold Heading's president and chief executive officer.  "Our substantial growth
during the past several years, including this acquisition, has given us the
economies of scale, manufacturing capacity and technical expertise we need to
compete and to exceed the high expectations of our customers now and in the
future."
    In addition, the acquisition will enable greater efficiency, increased
output and reduced inventories.
    "This acquisition also helps fulfill our strategy to be a substantial, key
supplier to Tier One and Tier Two companies who are providing modular systems
to the automotive companies," Stevens said.
    With the acquisition of GT Specialty Fasteners, the Cold Heading Group
comprises three separate companies and eleven operating divisions that:

    *  Form steel into bolts, nuts and specialty products
    *  Manufacture production and specialty tooling
    *  Perform wire and rod annealing, and related processes
    *  Heat treat, plate and adhesive / thread sealants

    The Group operates eleven facilities in Detroit, Warren, Roseville and
Walled Lake, Mich., and Hudson and Fremont, Ind.
    Founded in 1952 and headquartered in Warren, Cold Heading Co. is a leading
manufacturer of steel bolts, nuts and specialty headed products for the
automotive industry.  Supporting Cold Heading Co. are two affiliate companies,
Ajax Metal Processing, Inc. and Direct Tool, Inc., which enable fully
integrated manufacturing that meets world class cost and quality standards.