American Spring Wire and Pengg Announce Partnership

American Spring Wire Corp. (ASW) of Bedford Heights, Ohio and Joh. Pengg AG (Pengg) of Thörl, Austria announce that they have formed a partnership to manufacture high quality, specialty steel wires for the North American market. The new entity will be called ASW.Pengg LLC, and will be located in Bedford Heights, Ohio at the location currently occupied by ASW. Substantially all of ASW's wire manufacturing assets in Bedford Heights, and Pengg's activity of North American business have been contributed to the new entity to make up the partnership.

"We are pleased to be joining with Pengg in this effort to strengthen our base of business and expand our product offering to North American spring makers and specialty wire users." said Mr. Timothy Selhorst, CEO of ASW.

He continued, "ASW has established a very strong brand over our 50 years of serving the North American market, and we're very excited about joining with one of the world's premier specialty wire producers to create North America's highest quality steel wire manufacturer." All of ASW's employees will be retained in the new venture. Mr. Greg Bokar, who has acted as ASW's President for the past two years, will continue in the leadership role as Chief Executive Officer. He will be joined by Mr. Roland Tutzer of Pengg who will play the role of Chief Technology Officer and Vice President.

Mr. Alexander Phillipp, CEO of Pengg added "This partnership gives us the opportunity to combine the knowhow of two well experienced wire manufacturers for the benefit of our customers. We want to grow our market share in North and South America, Europe and Asia and will be able to offer additional products to all markets. We very much look forward to work together with the ASW team to create a world-class wire manufacturing unit in North America." ASW.Pengg plans to make a number of investments over several years to expand the product offering of the business. Further details about the capabilities of ASW.Pengg will be shared in future disclosures.

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