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VOPLEX CORPORATION REORGANIZATION PLAN APPROVED

 DEARBORN, Mich., Dec. 16 /PRNewswire/ -- Voplex Corporation's plan for reorganization under Chapter 11 bankruptcy protection has been approved in Federal Bankruptcy Court, announced Richard S. Crawford, the company's president and chief executive officer. The company is expected to emerge from bankruptcy protection in early 1993.
 As part of the agreement, the company has been acquired and taken private by Cambridge Industries, a Dearborn-based company owned by Crawford, Richard E. Warnick and John D. Craft.
 Crawford was appointed president and chief executive officer last January by Voplex's board after it filed for Chapter 11 protection, and was charged with returning the company to profitability. He will continue in that position.
 Cambridge Industries also owns and operates Wolf Engineering Corp., a Dearborn-based manufacturer of functional, high-precision plastic components and assemblies for the automobile industry.
 "We at Voplex are extremely excited about our future and continuing our 118-year tradition of innovation and service for our customers," said Crawford. "We remain -- as always -- committed to pursuing the leading-edge processes and product technologies that support their programs."
 According to Crawford, the company will accomplish this, in part, by drawing on the resources of its management team. This new team's leadership enjoys more than 375 years of combined experience in meeting the challenges of the automotive plastics industry. It has strengthened the company and positioned it to better meet customer needs in today's competitive business environment, he added.
 Crawford cited strong customer confidence and support, as well as the company's dedicated, hard-working employees as the key factors in Voplex's resurgence.
 Dearborn-based Voplex Corporation, formerly listed on the American Stock Exchange under the symbol VOT, supplies the North American automotive industry with a broad range of interior trim systems and components. The company has been supplying products to the transportation industry for 118 years.
 -0- 12/16/92
 /CONTACT: Peter Herrmann of Voplex Corporation, 313-584-2850/


CO: Voplex Corporation ST: Michigan IN: AUT SU: RCN

DH -- DE004 -- 7582 12/16/92 09:16 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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