Glastic Corporation and Plasco Agree to a Custom Molding Joint Venture.

Business Editors

CLEVELAND--(BUSINESS WIRE)--Feb. 13, 2004

Glastic Corporation, a leading composites manufacturer of electrical and industrial proprietary and custom products, has recently signed a joint venture agreement with Productos Plasco S.A. de C.V. a custom molder incorporated

The joint venture, which will be named Glastic Molding LLC, will design, manufacture and sell a full range of thermoset and thermoplastic custom molded products with two operations in the United States and one in Mexico. The initial structure of the joint venture, of which Glastic Corporation will hold 80% and Plasco will hold the balance of 20%, does not include the electrical grade proprietary products business with locations in Cleveland, Ohio and Birmingham, England. In addition, Glastic Corporation has granted Glastic Molding LLC, all the rights to use Glastic Corporation logos and trademarks.

Commenting on the joint venture with Glastic Corporation; Jose Octavio Lopez Presa, President of Productos Plasco S.A. de C.V., said: "This joint venture with Glastic Corporation is a significant milestone for Plasco, signifying our efforts to scale up the value chain, and to strengthen our presence in the global molding market. With commitments from one of our key customers, we expect this expansion to provide us in the near future with a recurring stream of new revenues for Glastic Molding."

Also commenting on the joint venture; Patrick Greene, President of Glastic Corporation and CIGNET LLC, which is Glastic Corporation's holding company, stated: "We are proud to have Plasco as our strategic partner in North America, and we feel that this joint venture will bring mutual benefits for Glastic Molding not only in North America, but also worldwide as we use the synergy of both companies for our global expansion."

Glastic Molding LLC will have molding operations in Jefferson, Ohio; Salem, Michigan; and now Mexico City, Mexico; with planned expansion in Asia in the near future. "A major goal for the new company is to ride Glastic's established presence and strong reputation in the thermoset molding market into expansion more quickly and efficiently, with our long-term strategy involving a facility in China to serve current customers. Through this joint venture, we can add value through our proven track record in the thermoset molding market as well as our strong management and technology competencies," said Mark DiGiampietro, Vice President and General Manager of Glastic Corporation, who will also serve in the same capacity at Glastic Molding LLC.

About Glastic Corporation

Glastic Corporation is a leading designer and manufacturer of engineered composite materials and components. Based in the U.S. State of Ohio, Glastic has been satisfying the needs of its global customers for over 50 years. The company produces a wide variety of both stock and custom composite materials that have excellent dielectric, thermal, corrosion, and structural properties. For additional information, please visit www.glastic.com.

About CIGNET, LLC

Currently, the Group has six operating divisions in five countries and a staff strength of over 600 employees, serving a growing customer base of about 8000 in Europe and North America. Please visit www.cignet.net for more information about CIGNET and its affiliated companies.