ALLEN PARK, Mich., June 19 /PRNewswire/ -- Meridian Automotive Systems, Inc. ("Meridian") announced today that the Memorandum of Understanding reached with Automotive Components Holdings, LLC ("ACH") and Ford Motor Company ("Ford") a year ago is being terminated. The Memorandum of Understanding ("MOU") outlined the terms of Meridian's proposed acquisition of ACH's Sandusky, Ohio lighting facility. ACH and Ford have notified Meridian that, because of the significant changes in the overall business environment, including recent reductions in projected industry volumes, it will not be possible to sell ACH's lighting business on the terms that Meridian, Ford and ACH reached in the MOU. Richard E. Newsted, Meridian's President and CEO, said, "The decision by ACH and Ford to terminate the MOU is understandable, but is disappointing to all of us. We would reconsider this opportunity should business conditions improve. Of course, we remain committed to our lighting customers and will continue to serve them from our world-class manufacturing facilities located in Grand Rapids, Michigan and Muzquiz, Coahuila, Mexico." About Meridian Automotive Systems, Inc. Meridian Automotive Systems, Inc. is a leading supplier of technologically advanced front and rear end modules, exterior thermoplastics and composites, lighting and interior systems to automobile and truck manufacturers and to the consumer and industrial products market. Meridian operates 19 primary facilities in the United States, Canada, Mexico and Brazil. For more information visit www.meridianautosystems.com . This news release contains forward-looking statements based on current assumptions and forecasts made by Meridian Automotive Systems management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the company, and the estimates given here. The company assumes no liability to update such forward-looking statements or to adapt to future events or development.
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