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Company Contacts:
For Immediate Release
GREENVILLE, S.C., November 30, 2004 /PRNewswire/ Safety Components International, Inc. (SAFY), the parent company of Automotive Safety Components International GmbH & Co. KG. (ASCI), an international producer of airbag fabrics and airbag cushions for the automotive industry is pleased to announce its latest business expansion.
ASCI, in union with Gelvenor Textiles of South Africa, has signed a joint venture to form Automotive Safety Components International GT (Pty) Ltd. (ASCIgt). Located in Durban, SA, ASCIgt forms its first airbag cushion company on the African continent. Utilizing locally-produced Gelvenor fabrics and employing sophisticated laser cutting equipment along with ASCI’s industry leading process and quality control techniques, ASCIgt will have the capability to produce a wide range of automotive driver, passenger, side, and curtain airbag cushions and related assemblies.
The initial production is intended for the South African domestic market. However, as production ramps up in 2005, ASCIgt will also have capability to support SAFY’s growing worldwide customer base. David Baksa has been named Operation Manager for the JV and will report to Dan Karney, the head of SAFY’s European Automotive Group (EAG) located in the Hildesheim, Germany headquarters. “This,” states Karney, “is a wonderful opportunity for EAG. Not only does it give us another low cost base of operation, but will provide us the increased flexibility to support our non-airbag cut and sew applications for both automotive and commercial customers.”
This expansion in South Africa adds to SAFY’s worldwide sales, design and manufacturing capabilities existing in the US, Mexico, UK, Germany, Czech Republic and Romania.
John Corey, SAFY’s Chief Executive Officer notes that “This is another step in SAFY’s continued commitment to partner with our global customers and support their worldwide sourcing requirements. And it further strengthens SAFY’s capability to maintain our position as the industry leader in the production of low-cost, high-quality airbag cushions.”
Safety Components International, Inc. (OTC Bulletin Board; SAFY) is a leading, low-cost supplier of automotive airbag fabric and cushions with operations in North America and Europe. The Company is also a leading manufacturer of value-added synthetic fabrics used in a variety of niche industrial and commercial applications. The company is headquartered in Greenville, South Carolina.
This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that such forward looking statements are subject to various known and unknown risks and uncertainties, including the possibility that the Company’s stated goals will not be fulfilled in whole or in part. Additional information on factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.
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