NEWS

Seaward Joins the Trelleborg Group

The Directors and Shareholders of Seaward are pleased to announce that an agreement was reached between Seaward and the Trelleborg Group, Sweden, whereby Trelleborg Engineered Products, Inc., acquired the business interests of Seaward International effective December 1, 2002. Trelleborg is a leading international company that serves a broad range of industries with polymer products.

This transaction is supportive of and strengthens the Trelleborg strategic goals of being the worldwide leader in marine fender and flotation technology and products, and provides Seaward with significant growth opportunities in the international market. The high tradition of Seaward quality, performance and technology associated with the Seaward brand name and products will continue.

As a valuable and important customer/supplier to Seaward in the past, and for Trelleborg in the future, we would like to assure you of our continued support and service.

The current Seaward team will be actively involved in the activities and operation of the business as it moves forward as part of Trelleborg Engineered Products Inc. If you have any questions or would like additional information please feel free to contact me at anytime.

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