The Fairchild Corporation Announces Key Leadership Changes at Fairchild Fasteners Division Following Acquisition of Kaynar Technologies Inc

Business Wire, April 22, 1999

DULLES, Va.--(BUSINESS WIRE)--April 22, 1999--

The Fairchild Corporation (NYSE: FA) today began the integration of newly acquired Kaynar Technologies Inc. (KTI) into its Fairchild Fasteners Division with the appointment by President Eric Steiner of new management team members.

"We have planned carefully for the integration," Mr. Steiner said. "Joint Fairchild/Kaynar teams have spent over 15,000 man hours discovering synergies and opportunities well beyond our initial expectations. We are confident that our customers will be happy with the leadership of the team we have chosen. Their energy and skills will be an important part of our future success."

- Jordan Law, former Chief Executive Officer of KTI, was named

Senior Vice President of Fairchild Fasteners and will be

responsible for managing the integration of the two companies;

- Lee Dack, former President of Kaynar, was named Senior Vice

President and Chief Operating Officer of U.S. Operations of

Fairchild Fasteners, responsible for all Fasteners manufacturing

operations in the United States, including the former Kaynar,

Microdot, Eagle and K-Fast units;

- Alan Ritchie and Keith Goddard will continue to lead Marson and

Recoil, respectively, the former KTI operations for which they

had been responsible, and will report to Robert Marchetti,

Fairchild Fasteners Senior Vice President of Sales and Marketing;

- Bob McGuire will continue to lead KTI's former M&M unit, and will

report to Robert Sharpe, Senior Vice President, Operations, of

The Fairchild Corporation.

Mr.Steiner said: "This team will provide the strongest leadership for the best customer service and most innovative fastening solutions in our industry. In furtherance of the integration of the two companies, we have also announced the closing of KTI's corporate office as of May 7, 1999, which will result in an annualized cost savings of $4.2 million."

Fairchild completed its acquisition of KTI on April 19th, creating the global industry leader in the manufacture and distribution of aerospace fasteners and fastening devices.

This news release contains forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933, as amended and Section 21-E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those set forth in the forward-looking statements as a result of the risks associated with the Company's business, changes in general economic conditions, and changes in the assumptions used in making such forward-looking statements.