GDX International Announces Agreement for Sale to MAPS Holdings

Oct 19, 2007, 01:00 ET from GDX International Holdings Ltd.

    FARMINGTON HILLS, Mich., Oct. 19 /PRNewswire/ -- GDX International
 Holdings Ltd. (GDX), a leading global supplier and manufacturer of sealing
 systems and glass encapsulation products for the automotive sector,
 announced today that MAPS Holdings Inc., an affiliate of Wynnchurch
 Capital, a Chicago- based private equity firm, had entered into a
 definitive agreement to acquire the ongoing business and certain of the
 facilities of GDX. As part of this transaction, MAPS Holdings will acquire
 GDX's global headquarters in Farmington Hills, Michigan and GDX's operating
 facilities in New Haven, Missouri, Welland, Ontario, Guadalajara, Mexico,
 and Grefrath and Rehburg, Germany, as well as facilities in the Czech
 Republic and GDX's joint venture operations in China. Terms of the
 transaction were not announced. MAPS Holdings recently acquired the North
 American business of Metzeler Automotive Profile Systems. GDX is owned by
 funds and accounts managed by Cerberus Capital Management, L.P.
     The transaction is expected to be closed in late November 2007. The
 closing is subject to the satisfaction of a number of conditions, including
 the finalization of agreements with major customers concerning the ongoing
 business, as well as reaching various agreements concerning facilities that
 are not included in the transaction. These excluded facilities are GDX's
 operations in Batesville, Arkansas, Wabash, Indiana and Magog, Quebec, as
 well as subsidiaries operating in Spain and France.
     "We are very pleased to have entered into an agreement with MAPS
 Holdings and believe the sale agreement announced today provides the best
 long-term prospects for the company's customers, employees and other
 stakeholders," said Timothy Nelson, Chief Operating Officer of GDX North
 America Inc. "We are excited about working with Metzeler's North American
 management team as we focus on delivering quality service and highly
 engineered sealing systems to our customers."
     "Combining GDX with MAPS Holdings represents an attractive opportunity
 to dramatically grow our business and establish the global footprint needed
 to better support our customers in today's highly competitive and
 increasingly global automotive sealing industry," added Rob DePierre, Chief
 Executive Officer of MAPS Holdings. "Our goal is to build an organization
 dedicated to world class customer service and manufacturing excellence."
     About GDX Automotive:
     GDX Automotive is a leading global supplier which designs, develops,
 markets and manufactures highly engineered sealing systems for both dynamic
 and static automotive applications. GDX's products include weather-strip
 seals, glass encapsulation, modular sealing systems and anti-vibration
 components. GDX global headquarters is in Farmington Hills, Michigan. Its
 European headquarters and technical center is in Grefrath, Germany.
     About MAPS Holdings:
     MAPS Holdings is a leading designer and manufacturer of a complete line
 of highly-engineered vehicle sealing systems for doors, windows, trunks,
 lift gates, sunroofs and hoods. Headquartered in Madison Heights, a suburb
 of Detroit, MAPS Holdings has operating facilities located throughout the
 United States, Canada and Mexico.
     Media Contact:
     GDX Media Line: (248) 553-5138
     For MAPS Holdings: Jennifer Christensen, 847-604-6126

SOURCE GDX International Holdings Ltd.