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Cambridge Industries, Inc. Concludes Financing Agreement

24 March 2000

Cambridge Industries, Inc. Concludes Financing Agreement

    MADISON HEIGHTS, Mich., March 23 Cambridge Industries
today reported that it has concluded agreement on a financial arrangement with
its banks and selected customers.  The funding provided by this arrangement
will enable the company to make critical capital expenditures and to launch
planned programs while concluding the sales process.
    "Cambridge has succeeded in putting in place the financing arrangements we
need to bring our sales process to a timely conclusion," said Richard
Crawford, founder and chairman of Cambridge Industries.  "Thanks to our bank
lenders and certain OEM customers, we now have the support we need to continue
working with prospective buyers to assure an effective transition in the sale
of our company.
    "By changing payment terms, some of our largest customers helped to
improve the liquidity at Cambridge.  As a result, our bank lenders were
comfortable supporting the company through the remainder of the sales
process," Crawford explained.  "This means that we will be able to continue
our capital expenditures while we bring the sales process to completion."
    "It is not uncommon for us to assist our critical suppliers at times like
these," said Mark Ruf, director of Supply Risk Management for General Motors.
"Occasionally, some suppliers encounter financial difficulties, and we will
try to work with them to the extent that we believe it is necessary and
appropriate to do so."
    Cambridge anticipates providing further information on the sales process
during the second quarter of the year.
    Headquartered in Madison Heights, Mich., Cambridge Industries is a Tier 1
plastic composites supplier to the automotive, light and commercial truck, and
industrial products markets.  Cambridge Industries has 18 facilities in the
U.S., Canada, and South America.