Exhibit 99
STANDARD AUTOMOTIVE CORPORATION
321 Valley Road, Hillsborough, New Jersey 08876-4056
PRESS
RELEASE
FOR IMMEDIATE RELEASE
Contact: John Silane, EVP
Standard Automotive Corporation
(212) 286-1300
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STANDARD AUTOMOTIVE CORPORATION CLOSES ACQUISITION OF TWO AEROSPACE COMPANIES,
ARELL MACHINING Ltd. AND AIRBORNE MACHINE AND GEAR Ltd., WHICH WILL
IMMEDIATELY BE ACCRETIVE TO EARNINGS
$100,000,000 CREDIT FACILITY AND $25,000,000 ACQUISITION LINE ARRANGED BY ING
BARINGS AND PNC CAPITAL MARKETS
HILLSBOROUGH TOWNSHIP, N.J. . . .MAY 1, 2000 . . . STANDARD AUTOMOTIVE
CORPORATION (AMEX:AJX, AJX.PR) (the "Company") today announced that its
subsidiary Critical Components Canada Ltd. has completed the acquisition of
Arell Machining Ltd. and Airborne Machine & Gear Ltd.
Arell and Airborne are located in Quebec, Canada and specialize in the precision
machining of aerospace components primarily used for jet engines, landing gear
and aircraft fuselages.
Financing for the two acquisitions was provided through a $100,000,000 credit
facility arranged by ING Barings and PNC Capital Markets. In addition, ING
Barings and PNC Capital Markets have arranged a $25,000,000 acquisition line to
fund future acquisitions upon the fulfillment of certain conditions precedent.
"We are very pleased to have acquired two high quality, rapidly growing
companies which will immediately be accretive to earnings. Standard is well on
its way to building a diversified manufacturing and service group of businesses
with extraordinary growth potential in key market niches," said Steven Merker,
Standard's Chairman and Chief Executive Officer.
STANDARD AUTOMOTIVE CORPORATION is a diversified company with production
facilities strategically located throughout the United States, Canada and
Mexico. Standard currently operates two divisions: the Truck/Trailer Body
Division which designs, manufactures and distributes trailer chassis for
transporting maritime and railroad shipping containers and a broad line of
specialized dump truck bodies, dump trailers, truck suspensions and other
related assemblies, and the Critical Components Division, which specializes in
the fabrication and machining of precision assemblies for the aerospace,
nuclear, industrial and military markets.
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This release contains certain forward-looking statements which involve known and
unknown risks, uncertainties, and other factors not under the Company's control
which may cause actual results, performance, and achievements of the Company to
be materially different from the results, performance or expectations of the
Company. These factors may include, but are not limited to those detailed in the
Company's periodic filings with the Securities and Exchange Commission
