Amcast To Acquire Speedline/Audi related

[WARATAP@aol.com]

Just off the presses:

<< DAYTON, Ohio--(BUSINESS WIRE)--July 28, 1997--Amcast Industrial 
 Corporation (NYSE:AIZ) today announced that its Board of Directors 
 has approved an agreement to acquire all of the outstanding stock of 
 Speedline SpA, located in an industrial region near Padova, Italy, a 
 major European manufacturer of light alloy wheels serving the 
 automotive industry.  The consideration to be paid to the sellers for
 the acquisition totals approximately $132 million in a combination of
 cash, Amcast stock, and debt assumption.
           Speedline, a 30-year old company established by the Zacchello 
 family, manufactures aluminum and magnesium alloy wheels for European
 automakers, including Mercedes-Benz, Audi, Fiat, Peugeot, Porsche, 
 Renault, Rolls-Royce, Rover, Volkswagen, among others and, in the 
 United States, Corvette.
           Amcast, the third largest U.S. aluminum wheel manufacturer, will
 increase its total global wheel production to six million units with 
 the Speedline acquisition, according to John H. Shuey, Amcast 
 President and Chief Executive Officer
           "This strategic acquisition, which is expected to be completed 
 later this summer, will be the most significant single action in the 
 131-year history of our company," Shuey said.
           Today, approximately half of U.S. cars and light trucks are 
 purchased with original equipment aluminum wheels, while only about 
 20 percent of European cars currently use original equipment aluminum
 wheels.  Increased penetration of aluminum wheels is expected to 
 continue on both continents.
           "Achieving significant weight reduction drives aluminum wheel 
 technology and design," Shuey said.  "Corporate Average Fuel Economy
 (CAFE) requirements mandate lighter car and truck fleets in the 
 United States, while $4-a-gallon gasoline in Europe creates an 
 economic incentive for improved mileage and, hence, greater aluminum 
 use in vehicles," Shuey added.
           "Amcast, whose largest U.S. aluminum wheel customer is General 
 Motors, will significantly broaden its wheel product offerings and 
 technology with Speedline," Shuey said.  "In addition to aluminum 
 original equipment passenger car wheel production, Speedline also 
 manufactures racing wheels, aftermarket wheels, truck wheels, hubs 
 and caps, industrial vehicle wheels, magnesium wheels, modular 
 wheels, and motorcycle wheels.  Speedline has a well-deserved 
 reputation as a technology leader not only in Europe but around the 
 world," Shuey said.  The northern Italian wheel producer has ISO 
 9001 certification and has won many supplier quality awards over the 
 years...>>