GST Receives Proposal from WL Ross & Co.

GREENSBORO, North Carolina -

Global Safety Textiles LLC (”GST”) today announced that it had received a proposal from funds managed by WL Ross & Co. LLC (”WLR”) to invest US$55 million in a newly formed entity that would acquire the assets of GST and its subsidiaries. The new GST would have one of the strongest, well capitalized balance sheets in the automotive industry with a limited amount of long-term debt. After the transaction, the new GST will be well positioned to continue to expand its geographic footprint which today spans Europe, the Americas and China.