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Exhibit 99.1
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SHILOH INDUSTRIES ANNOUNCES
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PURCHASE AGREEMENT TO ACQUIRE GREENFIELD DIE & MANUFACTURING CORP.
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MANSFIELD, Ohio, Sept. 9, 1996 -- Shiloh Industries, Inc.
(Nasdaq-NNM: SHLO) today announced it has entered into an agreement to purchase
substantially all of the assets of Greenfield Die & Manufacturing Corp. The
transaction which is subject to governmental approval, is expected to be
completed on or before Oct. 31, 1996. The acquisition will be financed with
funds obtained through Shiloh's credit facilities.
Greenfield Die & Manufacturing Corp. is headquartered in
Canton, Michigan, a suburb of Detroit. Greenfield's major businesses are
stamping and tool design and build. Additionally, Greenfield provides
value-added processes such as assembly, mold design and build, welding and
prototyping. Greenfield exclusively serves the automotive industry.
"The acquisition of Greenfield is consistent with our
strategic objective of increasing sales and earnings growth by geographic
expansion and by concentrating on the steel-processing business," said Xxxxxx
Xxxxxxxxxx, president and chief executive officer of Shiloh Industries. "In
addition, Greenfield will enhance our value-added capabilities as well as
broaden our automotive relationships. It is our intention to utilize the
experience of Greenfield's management to its fullest extent. We believe this
combination can capitalize on the respective strengths of both groups and
position Shiloh to better serve the automotive market place. Greenfield is one
of many opportunities that will help us achieve our strategic objectives over
the next few years."
Greenfield Die & Manufacturing Corp. had sales of
approximately $30 million in 1995 and employs approximately 250 associates.
Based in Mansfield, Ohio, Shiloh Industries is a premier
supplier of high-quality steel blanks, stampings and processed steel to
automotive, appliance and other industrial manufacturers. The company currently
operates six facilities in Ohio, and employs approximately 1,000 people.
