Exhibit 20
Contact:
Jerry Tighe, Harvard Industries, 908-437-4100
FOR IMMEDIATE RELEASE
Harvard Industries Announces Its Plan to Close Its
Pottstown Precision Casting Plant
October 31, 2000 Lebanon, NJ - Harvard Industries, Inc. (OTC Bulletin Board:
HAVA) Harvard Industries, Inc. will close its Pottstown, Pennsylvania die
casting facility in 2001. The plant operates as Pottstown Precision Casting, a
wholly owned subsidiary of Harvard.
Pottstown Precision worked diligently to restructure this business over the past
three years. Despite the cooperation of its local union, the United Auto
Workers, and substantial investments in management and the physical plant, the
Company was unable to turn the operation into a financially viable entity.
Increasing competition in the aluminum die casting arena prevented the operation
from establishing a profitable business base.
The Company will enter into discussions shortly with its principal customers and
with the United Auto Workers and local union representatives to negotiate the
schedule and effects of the shut-down.
Statements herein regarding the Company's future performance, including the
Company's ability to consummate transactions, constitute forward-looking
statements within the meaning of Securities Act of 1933 and the Securities
Exchange Act of 1934. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. With respect to the Company's long-term business strategies,
management has made certain assumptions regarding the Company's performance
which may change or be affected by, among other things, customer demand for the
Company's products, and adverse changes in general, market and industry
conditions. In addition, there can be no assurance that the Company will be able
to successfully identify, negotiate or complete any acquisitions or divestiture
transaction, which the Company may be currently contemplating. Management
believes that forward-looking statements are reasonable, however undo reliance
should not be placed on such forward-looking statements, which are based on
current expectations.
