In the News: 2004

PR Newswire
29 September 2004

FS-Precision Tech Co LLC ("FS-Precision"), a subsidiary of Fu Sheng Industrial Co, Ltd. ("Fu Sheng") (1520.TW), announced today that it has acquired certain assets of Coastcast Corporation ("Coastcast") (BULLETIN BOARD: COCA) , a global supplier of precision titanium, cobalt, nickel, and steel precision investment castings for medical, automotive, and commercial markets. The all cash transaction included the Rancho Dominguez facilities and plant assets. FS-Precision retained substantially all of Coastcast's existing production labor force and anticipates no interruption of manufacturing operations.

FS-Precision Tech Co LLC ("FS-Precision"), a subsidiary of Fu Sheng Industrial Co, Ltd. ("Fu Sheng") (1520.TW), announced today that it has acquired certain assets of Coastcast Corporation ("Coastcast") (BULLETIN BOARD: COCA) , a global supplier of precision titanium, cobalt, nickel, and steel precision investment castings for medical, automotive, and commercial markets. The all cash transaction included the Rancho Dominguez facilities and plant assets. FS-Precision retained substantially all of Coastcast's existing production labor force and anticipates no interruption of manufacturing operations.

This acquisition provides Fu Sheng entry into the global medical and automotive markets.

"The precision investment casting experience and financial strength of Fu Sheng give us a tremendous opportunity to build our orthopedic implant and titanium turbocharger impeller sales," said Mike Wellman, President of FS-Precision. "We're looking forward to modernizing our facilities and processes to bring more value to our customers, and to seek additional markets for our precision castings."

Lombard Asian Private Investment Company LDC ("LAPIC") invested in Fu Sheng in May 2003. LAPIC is a US$252.5 million private equity fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and the Asian Development Bank (ADB). The fund was formed to make direct private equity investments in developing countries in the Asia-Pacific region. Investors in the fund include the ADB and California Public Employees' Retirement System (CalPERS).

Lombard was actively involved in the acquisition, assisting Fu Sheng in the assessment of the new business, negotiations, structuring the transaction, and managing the due diligence and closing processes. "Fu Sheng's management has a long history of building leading manufacturing companies, and we look forward to assisting Fu Sheng in identifying other acquisition opportunities through the utilization of our global investors' network," said Bill Kerins, Lombard's Managing Director in Hong Kong.