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Intermet to Acquire Ganton Technologies Inc. and Diversified Diemakers

18 November 1999

Intermet Corporation to Acquire Ganton Technologies Inc. and Diversified Diemakers, Inc.

    STURTEVANT, Wis., Nov. 18 -- A definitive agreement was
reached by Intermet Corporation to purchase Ganton Technologies Inc. and
Diversified Diemakers, Inc. from JJM LLC, Gantec II LLC, and Cerberus
Institutional Partners, L.P.  Intermet is the largest independent foundry
company in the world.  Its 7,000+ employees design, manufacture and machine
precision iron and aluminum castings for the automotive and industrial
markets.  Intermet, headquartered in Troy, Mich. had total revenues in 1998 of
$842,000,000.
    Intermet Chairman and Chief Executive Officer John Doddridge said, "We are
particularly pleased to acquire both Ganton and Diversified Diemakers.  We
consider them well managed, with world-class plants.  The combination
significantly builds on Intermet's strategy of being a leading, full service
metal caster, primarily serving the automotive industry."  Intermet became a
leading competitor in the die casting industry when it purchased Cast-Matic in
1996 and Tool Products Company in 1998.
    Joyce Johnson-Miller, chairperson of Ganton Diemakers, said, "We've made
substantial progress with Ganton Technologies over the past four years and
most recently with Diversified Diemakers.  Our companies have a talented
workforce and leadership position in the markets where we compete.  I am
confident that both companies, as part of Intermet, will continue to grow and
become even stronger within the industry."
    Morris C. Rowlett, Chief Executive Officer of Ganton Diemakers indicated
the combination with Intermet would facilitate future growth as the die
casting industry consolidation continues.  "We are joining forces with one of
the world's leading automotive suppliers and we are able to provide them with
strategic manufacturing capabilities including additional aluminum die casting
capacity and the entrance into magnesium production.  For the associates of
our companies we will now have the opportunity to grow with a larger and
publicly traded company which possesses an increasing competitive advantage in
the marketplace." The acquisition is expected to be finalized by mid-December
1999.
    Ganton Technologies Inc. and Diversified Diemakers, Inc. design and
manufacture precision aluminum, magnesium, and zinc die casting products for
the automotive, computer, telecommunications, and off-highway industries
worldwide. With headquarters in Sturtevant, Wis., the combined companies
employ approximately 2,000 associates in Missouri, Wisconsin, Tennessee,
Michigan, and Kentucky. Sales are expected to reach $235,000,000 in 1999.