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Key Plastics Inks Deal to Sell Company

12 December 2000

Key Plastics Inks Deal to Sell Company

    NOVI, Mich., Dec. 11 Key Plastics LLC announced today that
it has entered into an agreement with Carlyle Management Group (CMG) to sell
substantially all of the North American and European assets of the company.
Key is a global supplier of highly engineered plastic parts to the automotive
industry and has been in chapter 11 reorganization proceedings since March,
2000.  The agreement is the result of a lengthy sales process undertaken as
part of the chapter 11 proceeding.  The sale is subject to an auction whereby
the company will seek higher and better bids.  Key hopes to schedule the
auction for early January.
    Financial consultants have pegged consideration for the transaction in the
range of $185 million to $195 million.  This includes a combination of cash,
notes, equity and assumption of certain debts.  In addition, CMG is also
assuming payables that Key has incurred in the ordinary course during chapter
11 which are outstanding on the closing date.  In return, CMG will receive
substantially all of the assets of Key Plastics in North America and Europe.
    "With the continued support of our customers and employees, we continue to
believe in Key and its potential, and are thrilled that we can sell this
business as a going concern," said David Benoit, Chief Executive Officer.  "We
are also pleased that this process is near completion, and with CMG bringing
financial strength and stability along with operational expertise, Key will
emerge from the chapter 11 process a viable and productive supplier to the
automobile industry."
    B. Edward Ewing, Chief Executive Officer of CMG, said "Key Plastics is an
excellent automotive components supplier and we are excited about the
prospects of acquiring and managing the Company.  Our objective with Key, as
well as with all of our companies, is for our employees, customers and
shareholders to believe that we are a great management team."  Mr. Ewing will
be the CEO of Key when it emerges from the chapter 11 process, if CMG is the
successful bidder.
    Any sale of Key is subject to bankruptcy court approval.  Key has already
filed the motion to seek such approval after the auction process is complete.
    Carlyle Management Group is part of The Carlyle Group ("Carlyle"), one of
the largest private equity firms in the world managing over $10 billion of
capital.  CMG focuses on acquiring and managing turnaround and special
situation investment opportunities.  CMG currently has two portfolio companies
-- United States Marine Repair, the largest non-nuclear ship repair company in
the U.S., and The Aerostructures Corporation, a leading worldwide designer and
manufacturer of complex aircraft structures for commercial and military
aircraft.  The principals of CMG have extensive operations and investment
experience in the automotive, aerospace, defense and heavy manufacturing
industries.  Carlyle as an institution has invested over $250 million in the
past 18 months in three automotive companies.