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AUTOMOTIVE INDUSTRIES TO ENHANCE DESIGN, ENGINEERING AND DEVELOPMENT CAPABILITIES THROUGH AGREEMENT TO ACQUIRE FIBERCRAFT/DESCon

 MINNEAPOLIS, June 8 /PRNewswire/ -- Automotive Industries Holding, Inc. (NASDAQ: AIHI) today announced that, through a wholly owned subsidiary, it has entered into an agreement to acquire Fibercraft/DESCon, Inc., and its affiliate. The agreement is subject to the satisfaction of certain conditions. The transaction is expected to be completed in the third quarter of 1993. Terms of the transaction were not disclosed.
 William H. Clement, chief executive officer of Automotive Industries Holding, Inc., said, "The acquisition of Fibercraft/DESCon represents an important element in accomplishing our goal of becoming the leading fully integrated designer and producer of interior trim and under-the- hood systems. Specifically, Fibercraft enables us to substantially increase our ability to provide advanced design, engineering and program management services to our customers and integrate such services through the manufacturing process. The selection of Fibercraft stems from our belief that they possess unique technical skills and have a vision and philosophy consistent with our own."
 Fibercraft/DESCon, headquartered in Rochester Hills, Mich., is a privately held company that is a leader in advanced design, engineering and program management for the North American car, mini van and light truck manufacturers. The company's program management and development capabilities start at the initial modeling phase and continue through the complete design phase. Fibercraft's primary experience is in the design and development of interior trim and certain under-the-hood systems. In addition, the company has recently expanded its technological capabilities to enable it to provide total up-front program management for entire vehicle platforms.
 Automotive Industries is a leading designer and manufacturer of high quality interior trim systems and blow molded plastic components principally for North American car, mini van and light truck original equipment manufacturers. Principal customers include Ford, Chrysler and General Motors, as well as several Japanese companies manufacturing automobiles in the United States. Revenues for the 12 months ended March 31, 1993 totaled $291.2 million. The company maintains a corporate office in Minneapolis and operating headquarters in Strasburg, Va.
 -0- 6/8/93
 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877, for Automotive Industries Holding; Scott Rued of Automotive Industries Holding, 612-332-6828/
 (AIHI)


CO: Automotive Industries Holding, Inc.; Fibercraft/DESCon ST: Minnesota, Michigan IN: AUT SU: TNM

AL -- MN004 -- 6516 06/08/93 11:30 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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