COMPANY ANNOUNCEMENT
Brantford, Ontario, February 11, 2005Wescast Industries Inc. (“Wescast” — TSX: WCS.SV.A; NASDAQ: WCST) announced today that management has been engaged in a review of various alternatives to enhance its competitiveness in the current North American automotive parts market. One of the alternatives, and a likely scenario, would be a phasing out of the Brantford foundry operation over the course of 2005.
“It’s never an easy decision to negatively affect part of our Wescast family, but we have an obligation to all stakeholders to ensure the long-term viability and success of the business,” said Ed Frackowiak, Chairman and Chief Executive Officer.
Management is undertaking discussions with Union leadership on how to provide appropriate support to affected employees, should this alternative receive final board approval.
About Wescast
Wescast Industries Inc. is the world’s largest supplier of exhaust manifolds for passenger cars and light trucks. The Company designs, develops, casts and machines high-quality iron exhaust manifolds for automotive OEMs. The Company’s global sales and design activities are co-ordinated through its technical development centre in Canada and supported by sales and design centres in the United States, Europe and Japan. The Company operates eight production facilities in North America and Europe, including a 49% interest in United Machining Inc., an accredited Minority supplier in Michigan. The Company is recognized worldwide for its quality products, innovative design solutions and highly committed workforce.
Learn more atwww.wescast.com.
Forward Looking Statements
Wescast and its representatives may periodically make written or oral statements that are “forward-looking”, including statements included in this news release and in our filings with applicable Securities Commissions and in reports to our stockholders. These statements may be identified by words such as “believe,” “anticipate,” “project,” “expect,” “intend” or other similar expressions, and include all statements which address operating performance, events or developments that we expect or anticipate may occur in the future (including statements relating to future sales or earnings expectations, volume growth, awarded sales contracts and earnings per share expectations or statements expressing general optimism about future operating results). Such statements involve risks and uncertainties that may cause unanticipated events and actually evolve to be materially different from those either expressed or implied. These factors include, but are not limited to, risks associated with the automotive industry, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements. For more detailed information regarding these risks you may refer to Wescast’s publicly filed documents with applicable Canadian securities authorities and the U.S. Securities and Exchange Commission. Wescast undertakes no obligation to update any of these forward-looking statements.
For further information please contact:
Mr. Ed Frackowiak Chairman & Chief Executive Officer
Wescast Industries Inc.
(519) 750-0000
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