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Progressive Stamping Company, Inc. Acquired by FabriSteel Product Inc.

22 March 2000

Progressive Stamping Company, Inc. Acquired by FabriSteel Product Inc.

    ROYAL OAK, Mich., March 22 Progressive Stamping Company,
Inc. has been acquired by Taylor Michigan-based FabriSteel Products Inc., a
Citicorp Venture Capital portfolio company, it is announced by Charles R.
Russell, president of Progressive Stamping Company.  Progressive Stamping here
supplies washers, stampings and assemblies as well as several proprietary
products to the automotive, truck and bus, and other industries demanding
high-volume, high-quality stamping technology.
    Commenting on the acquisition, Mr. Russell says, "This merger will provide
us with a tremendous growth opportunity in other markets served by the
FabriSteel Group of Companies.  As our product offering has evolved to
encompass more value-added services, we now feel we have the added financial
strength necessary to insure we can get the job done, no matter what the time
table."  Progressive Stamping will continue to operate under the Progressive
Stamping company name.
    Rex Ogg, president and CEO of FabriSteel adds, "The products and services
that this acquisition adds to our portfolio truly creates a fastener supplier
with adequate critical mass to aggressively expand our penetration in all
markets."
    Progressive Stamping was established, an ISO 9002 and QS 9000 certified
company, in 1951 as a specialist in the production of high-quality, low-cost
stampings.  The company employs over 70 people in a 65,000 square foot
facility located in Royal Oak, Michigan.  Progressive has its own tool and die
making capability coupled with a modern press room with up to 200 ton capacity
and computerized order processing for integrated scheduling.  The highly
efficient vertically integrated operation includes a returnable packaging
system, and AIAG bar code technology coupled with JIT inventory and delivery
management.
    FabriSteel Products Inc., a Citicorp Venture Capital portfolio company, is
headquartered in Taylor, Michigan and produces pierce fasteners, critical
heavy-duty diesel engine fasteners and precision machined fasteners serving
multiple industries.