<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-Q/A
                                AMENDMENT NO. 2

 X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the quarterly period ended March 31, 1999.

OR

__TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 
For the transition period from _____________ to _________________

Commission File No. 333-11801-01 Trianon Industries Corp.
Commission File No. 333-11801 (Aetna Industries, Inc.)

                            TRIANON INDUSTRIES CORP.
                    (FORMERLY KNOWN AS MS ACQUISITION CORP.)
                             AETNA INDUSTRIES, INC.

             (Exact name of registrant as specified in its charter)

             Delaware                           13-337-9803/38-200-7550
-----------------------------------------------------------------------------
 (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                   Identification No.)

(Address of principal executive offices)                    (Zip Code)

1, rue Thomas Edison, Quartier des Chenes
78056 St. Quentin en Yvelines, France

24331 Sherwood Avenue, P.O. Box 3067, Centerline, Michigan      48015-0067



Registrant's telephone number, including area code              (33-1) 39-412000
                                                                (810) 759-2200

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.


                                   Yes X No  
                                       -    -

As of May 14, 1999, there were 1,000 shares of Aetna Industries, Inc. common
stock outstanding and 3,902,498 shares of Trianon Industries Corp. common stock
outstanding.

                                       1
<PAGE>   2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

                            TRIANON INDUSTRIES CORP.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>

                                                                       MARCH 31, 1999   DECEMBER 31, 1998
                                                                       --------------   -----------------
                                                                       (UNAUDITED)
ASSETS
CURRENT ASSETS:
<S>                                                                    <C>                <C>    
   Cash and marketable securities                                             $18,958           $26,092
   Accounts receivable (less allowance for doubtful
       accounts of $1,721 and $1,921 respectively)                            174,126           181,375
    Inventories                                                               114,709           115,287
    Other current assets                                                       10,316             9,801
                                                                       --------------      ------------

Total current assets                                                          318,109           332,555
                                                                       --------------      ------------

Property, plant and equipment, net                                            193,426           203,271
Deferred costs and other assets                                                24,720            22,969
Goodwill                                                                       64,454            65,367
                                                                       --------------      ------------

TOTAL ASSETS                                                                 $600,709          $624,162
                                                                       ==============      ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
     Accounts payable                                                        $183,353          $173,517
     Accrued expenses                                                          48,639            82,250
     Current portion of long term and short term debt                         145,441           157,004
                                                                       --------------      ------------

Total current liabilities                                                     377,433           412,771
                                                                       --------------      ------------

Long-term debt, less current portion                                          182,125           167,477
Deferred income taxes and other long-term liabilities                          18,717            19,370
Redeemable preferred stock                                                     42,302            41,157
   Series A - $100 stated value; 293,123 shares authorized;           
   142,424 shares issued and outstanding 
   Series B - $100 stated value; 270,000 shares authorized;
   270,000 shares issued and outstanding                                       
Stockholders' Equity (Deficit)
   Class A, common stock - $.01 par value, 12,000,000
    shares authorized, 3,902,498 shares issued and outstanding                     39                39
   Contributed paid-in capital                                                 40,708            40,708
   Retained earnings (accumulated deficit)                                    (54,795)          (54,910)
   Accumulated other comprehensive income (loss)                               (5,820)           (2,450)
                                                                       --------------      ------------

TOTAL LIABILITIES, PREFERRED STOCK AND
   SHAREHOLDER'S EQUITY (DEFICIT)                                            $600,709          $624,162
                                                                       ==============      ============
</TABLE>


See accompanying notes to consolidated financial statements.

                                       3
<PAGE>   3
                            TRIANON INDUSTRIES CORP.
     CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED
                                                            ------------------
                                                         MARCH 31,       MARCH 31,
                                                           1999            1998
                                                           ----            ----
                                                                (UNAUDITED)

<S>                                                      <C>            <C>     
Net sales                                                    $218,157      $136,873
Cost of sales                                                 191,932       120,735
                                                         ------------   -----------
Gross profit                                                   26,225        16,138

Selling, general and administrative expenses and               
    research and development expenses                          14,673         9,833          
                                                         ------------   -----------

Operating income (loss)                                        11,552         6,305
Interest expense, net                                           7,268         2,170
                                                         ------------   -----------

Income (loss) before income taxes                               4,284         4,135
Income tax provision (credit)                                   2,251         1,185
                                                         ------------   -----------
Income (loss) before discontinued operations                    2,033         2,950

Losses on discontinued operations, net of tax                     772             0
                                                         ------------   -----------
Net income (loss) before
preferred stock dividends                                       1,261         2,950

Preferred stock dividends                                       1,146             0
                                                         ------------   -----------

Net income available for common stockholders                     $115        $2,950
                                                         ============   ===========
Other comprehensive income (loss):
  Foreign currency translation adjustment                      (3,370)        6,165
                                                         ------------   -----------
Comprehensive income (loss)                                   $(3,255)       $9,115
                                                         ============   ===========
</TABLE>


See accompanying notes to consolidated financial statements

                                       4
<PAGE>   4
                            TRIANON INDUSTRIES CORP.
                             CONDENSED CONSOLIDATED
                            STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                   THREE
                                                                   MONTHS
                                                                   ENDED
                                                          MARCH 31,      MARCH 31,
                                                            1999            1998
                                                            ----            ----
                                                                (UNAUDITED)
<S>                                                      <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Net income (loss)                                        $ 1,261         $ 2,950
    Adjustments to reconcile net income to net cash
       provided by (used for) operating activities:
           Depreciation and amortization                       8,879           5,154
           Deferred income taxes                                  --             411
           Other non cash charges                                100             753
           Changes in other assets and liabilities            (8,565)          3,493
                                                         -----------    ------------

Net cash provided by (used for) operating activities           1,675          12,761
                                                         -----------    ------------


CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment                    (7,485)        (5,895)
Increase in other assets                                          (2)            (5)
                                                         -----------    ------------

Net cash provided by (used for) investing activities          (7,487)        (5,900)
                                                         -----------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in borrowings under line of credit               (1,298)        (1,138)
Repayment of long term debt                                   (9,825)        (3,608)
Borrowings of long term debt                                  11,776             --
                                                         -----------    ------------

Net cash provided by (used for) financing activities             653         (4,746)
                                                         -----------    ------------

Exchange Rate Variation                                       (1,975)          (548)

Net increase (decrease) in cash                               (7,134)          1,567
Cash - beginning of year                                      26,092          11,626
                                                         -----------    ------------

Cash - end of period                                         $18,958         $13,193
                                                         ===========    ============
</TABLE>


See accompanying notes to consolidated financial statements

                                       5
<PAGE>   5
                            TRIANON INDUSTRIES CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)

1.   DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

     Effective May 12, 1999, MS Acquisition Corp changed its name to Trianon
     Industries Corp.

     Trianon Industries Corp. ("the Company") is the name of the group formed by
     the combination of the activities of SOFEDIT S.A. and Trianon Industries
     Corp.

     Trianon Industries Corp. ("Trianon Industries"), through Aetna Industries
     Inc. ("Aetna"), its wholly-owned subsidiary, is a leading direct supplier
     of high quality modules, welded subassemblies and chassis parts used as
     original equipment components in the North American automobile industry.

     SOFEDIT S.A., ("Sofedit") a direct and indirect wholly-owned subsidiary of
     the Company, is a leading direct supplier of welded subassemblies, body in
     white parts, clutch, brake and accelerator pedal modules, fuel tanks and
     crossmembers and chassis parts used as original equipment components by
     manufacturers in the European automobile industry.

     Trianon Industries and its direct and indirect wholly-owned United States
     subsidiaries (i.e., Aetna Holdings, Inc., a Delaware corporation ("Aetna
     Holdings"), Aetna Manufacturing Canada Ltd., a Michigan corporation ("Aetna
     Canada"), and Aetna Export Sales Corp., a U.S. Virgin Islands corporation
     ("Export")) have fully and unconditionally guaranteed the 11 7/8% Senior
     Notes due 2006 issued by Aetna in an aggregate principal amount of $85.0
     million (the "Senior Notes"). Separate financial statements or other
     disclosures relative to Aetna Holdings, Export or Aetna Canada have not
     been presented as management has determined that such information is not
     material to investors.

     On April 14, 1998, Trianon Industries completed a combination with Societe
     Financiere de Developpement Industriel et Technologique S.A., a French
     societe anonyme (Sofedit) (the Combination). In connection with the
     Combination, Sofedit's former stockholders transferred the outstanding
     capital stock of Sofedit to Trianon Industries in exchange for: (i)
     promissory notes of Trianon Industries in the principal amount of $40.9
     million; (ii) dividends in an amount of approximately $1.0 million; (iii)
     270,000 shares of Series B Preferred stock ($27.0 million stated value) of
     Trianon Industries; (iv) 3.0 million shares of Common Stock of Trianon
     Industries, and (v) the assumption of approximately $12.0 million of debt
     of such former stockholders. The Combination has been accounted for as a
     reverse acquisition because the former owners of Sofedit own approximately
     75% of the fully diluted outstanding Common Stock of Trianon Industries as
     a result of the Combination. For accounting purposes, Sofedit is considered
     to be the acquirer of, and the predecessor to, Trianon Industries.

     As a result of the Combination being accounted for as a reverse
     acquisition, the financial statements included herein for the three month
     period ended March 31,1998 represent the historical information of Sofedit,
     as predecessor. The consolidated balance sheet at March 31, 1999 represents
     the consolidated financial position of Sofedit and Trianon Industries. 

     The accompanying unaudited condensed consolidated financial statements of
     Trianon Industries have been prepared in accordance with Rule 10-01 of
     Regulation S-X and do not include all the information and notes required by
     generally accepted accounting principles for complete financial statements.
     All adjustments, which include only normal recurring adjustments that are,
     in the opinion of management, necessary for a fair presentation of the
     results of the interim periods, have been made. The results of operations
     for such interim periods are not necessarily indicative of results of
     operations for a full year. The unaudited condensed consolidated financial
     statements should be read in conjunction with the consolidated financial
     statements and notes thereto for the year ended December 31, 1998.

     The statements of operations and cash flows for the three months ended
     March 31, 1999 represent the three month financial data of Sofedit plus
     Trianon Industries. On a pro forma basis, Trianon Industries had net sales
     of $189.9 million, and pre-tax income of $3.6 million, for the three
     months ended March 31, 1998.

                                       6

<PAGE>   6
 
                            TRIANON INDUSTRIES CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


2.   INVENTORIES

     Inventories are comprised of the following:

<TABLE>
<CAPTION>
                                                MARCH 31,      DECEMBER 31,
                                                   1999            1998
                                                   ----            ----
<S>                                             <C>           <C>
Raw materials                                      $ 23,923          $ 27,131
Work-in-process                                      22,542            31,976
Finished goods                                       15,980            18,839
Tooling                                              55,691            40,724  
                                               ------------   ---------------
Inventories, gross                                  118,136           118,670

Less valuation allowance                            (3,427)           (3,383)
                                               ------------   ---------------

Total inventories                                  $114,709          $115,287
                                               ------------   ---------------
</TABLE>

Tooling inventory at Sofedit is included in work in process at December 31, 1998
and has been included in tooling at March 31, 1999 

3.   STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>
<CAPTION>
                                                                                 ACCUMULATED
                                                 ADDITIONAL      RETAINED           OTHER                TOTAL
                                 CONTRIBUTED      PAID IN        EARNINGS        COMPREHENSIVE       STOCKHOLDER'S
                                   CAPITAL        CAPITAL       (DEFICIT)           INCOME         EQUITY (DEFICIT)
<S>                             <C>             <C>             <C>             <C>                <C>
Balance at December 31, 1998              $39         $40,708     ($54,910)              ($2,450)          ($16,613)
Translation adjustment                                                                    (3,370)            (3,370)   
Preferred Stock dividends                                           (1,146)                                  (1,146)
Net income (loss)                                                    1,261                                    1,261
                                -------------  --------------  ------------   -------------------  -----------------

Balance at March 31, 1999                 $39         $40,708     $(54,795)              ($5,820)          $(19,868)
                                -------------  --------------  ------------   -------------------  -----------------
</TABLE>

                                       7

<PAGE>   7

                            TRIANON INDUSTRIES CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)


4.  COMBINING FINANCIAL INFORMATION OF TRIANON INDUSTRIES
CORP BALANCE SHEET AS OF MARCH 31, 1999
<TABLE>
<CAPTION>
                                             AETNA     TRIANON
                                 AETNA      HOLDINGS  INDUSTRIES     SOFEDIT    ELIMINATIONS  TOTAL


<S>                              <C>       <C>         <C>         <C>        <C>          <C>
Total current assets             $ 82,720  $       -   $   5,789   $ 254,207  $  (24,607)  $ 318,109
Property, plant and
equipment, net                     70,744                  6,552     116,130                 193,426 
Other long-term assets             32,372      8,247     131,745      21,781    (104,971)     89,174 
                                 --------  ---------   ---------  ----------  ----------   ---------

Total assets                     $185,836  $   8,247   $ 144,086   $ 392,118  $ (129,578)  $ 600,709
                                 ========  =========   =========   =========  ==========   =========
Total current liabilities         104,859       (201)     46,114     235,100      (8,439)    377,433
Long-term debt                     88,125                 17,032      79,922     (12,031)    173,048  
Junior subordinated notes                      9,077                                           9,077
Deferred income taxes and
other long-term liabilities         5,496                  3,478       9,743                  18,717
Redeemable preferred stock                                42,302                              42,302
Class A, common stock -                                
 $.01 par value,
12,000,000 shares                                      
authorized, 3,902,498                                  
outstanding                                                   39       1,274      (1,274)         39
Additional paid-in capital         14,024                 32,151      23,969     (29,436)     40,708 
Retained earnings
 (accumulated deficit)            (26,494)      (629)      2,970      47,740     (78,382)    (54,795)
Cumulative translation                                                                             
 adjustment                          (174)                            (5,630)        (16)     (5,820)
                                 --------  ---------   ---------   ---------  ----------   ---------
Total stockholders equity 
 (deficit)                       $(12,644) $    (629)  $  35,160  $   67,353  $ (109,108)  $ (19,868)
                                 --------  ---------   ---------   ---------  ----------   ---------

Total liabilities and
shareholders equity
(deficit)                       $ 185,836  $   8,247   $ 144,086   $ 392,118  $ (129,578)  $ 600,709
                                =========  =========   =========   =========  ==========   =========
</TABLE>

                                       8
<PAGE>   8

                            TRIANON INDUSTRIES CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)


4.  COMBINING FINANCIAL INFORMATION OF TRIANON INDUSTRIES CORP. (CONTINUED)

CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31,1999

<TABLE>
<CAPTION>
                                                          AETNA          TRIANON
                                           AETNA         HOLDINGS       INDUSTRIES       SOFEDIT       TOTAL

<S>                                      <C>            <C>             <C>              <C>           <C>
Net sales                                 $66,820      $    --          $     --         $151,337      $218,157
Cost of sales                              58,704                            182          133,046       191,932
                                          -------       -------         --------         --------      --------
Gross profit                                8,116           --              (182)          18,291        26,225
Selling, general and administrative
  expenses                                  4,560                            204            9,499        14,263
Other expenses                                411           --               --                (1)          410
                                          -------       -------         --------         --------      --------
Operating income (loss)                     3,145           --              (386)           8,793        11,552
Net interest expense                        3,815           245              837            2,371         7,268
                                          -------       -------         --------         --------      --------

Income (loss) before income taxes            (670)         (245)          (1,223)           6,422         4,284
Income tax provision (credit)                (126)          (83)            (415)           2,875         2,251
                                          -------       -------         --------         --------      --------
Income (loss) before discontinued
  operations and preferred stock
  dividend                                   (544)         (162)            (808)           3,547         2,033
Discontinued Operations                                                                       772           772
Preferred stock dividend                       --            --            1,146               --         1,146
                                          -------       -------         --------         --------      --------
Net income available to common
  stockholders                            $  (544)      $  (162)        $ (1,954)        $  2,775      $    115
                                          -------       -------         --------         --------      --------

Other comprehensive income (loss):
  Foreign currency translation
  adjustment                                   70            --              --            (3,440)       (3,370)
                                          -------       -------         --------         --------      --------
Comprehensive income (loss)                 ($474)        ($162)         ($1,954)        $   (665)     $ (3,255)
                                          =======       =======         ========         ========      ========
</TABLE>
                                        
                                       9
<PAGE>   9
                            TRIANON INDUSTRIES CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)

4. COMBINING FINANCIAL INFORMATION OF TRIANON INDUSTRIES (CONTINUED)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31,1999


<TABLE>
<CAPTION>
                                                   AETNA         TRIANON
                                        AETNA      HOLDINGS     INDUSTRIES    SOFEDIT     ELIM         TOTAL
<S>                                     <C>        <C>       <C>              <C>         <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net cash provided by 
  operating activities                  $ 6,577     $(432)   $     -          $(4,470)         -       $ 1,675

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used for investing activities     (704)        -     (5,000)          (6,783)     5,000        (7,487)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing           (7,100)      432      5,000            7,321     (5,000)          653
Net effect of exchange rate                  70                                (2,045)         -        (1,975)
Net increase in cash                     (1,157)        -          -           (5,977)         -        (7,134)
Cash - beginning of year                  1,185         -          -           24,907          -        26,092

Cash - end of period                    $    28     $   -    $     -          $18,930     $    -       $18,958
</TABLE>

5.  SEGMENT INFORMATION

The Company operates in one line of business, the design and manufacture of
highly engineered metal-formed components, complex modules and mechanical
assemblies for automotive OEM's in Europe and North America.

The Company manages the business under two segments, Europe and North America.
The accounting policy of the reportable segments are the same as those described
in the summary of significant accounting policies in the Company's annual report
on Form 10-K. The Company evaluates performance based on earnings before
interest, income taxes, net income of equity investees, minority interests and
discontinued operations (EBIT).

<TABLE>
<CAPTION>

                              MARCH 31, 1999                          MARCH 31, 1998                         DECEMBER 1998
                              --------------                          --------------                         -------------
OPERATING                         NORTH                                   NORTH                                  NORTH
SEGMENTS            EUROPE       AMERICA       TOTAL        EUROPE       AMERICA       TOTAL       EUROPE       AMERICA       TOTAL
---------           ------       -------       -----        ------      --------       -----       ------       -------       -----
<S>                 <C>         <C>            <C>         <C>            <C>        <C>          <C>          <C>          <C>
Revenues           $151,337     $ 66,820       $218,157    $136,873       $ -        $136,873     $542,037     $168,809     $710,848
EBIT                  8,793        2,759         11,552       6,305         -           6,305       19,255        7,569       26,824
Depreciation
 and amortization     6,087        2,792          8,879       5,154         -           5,154       23,405        8,438       31,843
Total assets       $392,118     $208,591       $600,709    $355,602         -        $355,602     $408,915     $215,247     $624,162
</TABLE>

6. COMMON STOCK AND PREFERRED STOCK

As of May 12, 1999 the capital structure of authorized shares of common stock
and preferred stock as amended in the Certificate of Amendment of Restated
Certification of Incorporation of Trianon Industries Corp are as follows:

Common Stock Shares:     20,000,000

Preferred Stock Shares:
SERIES A - 405,000
SERIES B - 270,000
New Preferred - 2,000,000

Any dividends accruing on shares of Series A preferred Stock may be paid, in
lieu of cash dividends, by the issuance of additional shares of Series A
Preferred Stock (including fractional shares) having an aggregate Stated Value
at the time of such payment equal to the amount of the dividend to be paid.



                                       10
<PAGE>   10
                             AETNA INDUSTRIES, INC.
                          (A WHOLLY-OWNED SUBSIDIARY OF
                            TRIANON INDUSTRIES CORP.)

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                  APRIL 2,           DECEMBER 31,
                                                                    1999                 1998
                                                                    ----                 ----
                                                                (UNAUDITED)
<S>                                                             <C>                 <C>   

ASSETS                                                                     
CURRENT ASSETS:
    Cash                                                                  $28                 $1,185
    Accounts receivable (less allowance for doubtful            
      accounts of $424 and $411, respectively)                         40,953                 38,793
    Inventories                                                        47,444                 47,764
    Other current assets                                                3,310                  3,390
                                                               ---------------     ------------------

Total current assets                                                   91,735                 91,132
                                                               ---------------     ------------------

Property, plant and equipment, net                                     70,744                 71,922
Deferred costs and other assets                                         5,393                  5,717
Goodwill                                                               23,971                 24,172
                                                               ---------------     ------------------

Total Assets                                                         $191,843               $192,943
                                                               ===============     ==================

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable                                                      $50,971                $48,874
Accrued expenses                                                        9,267                 10,896
Current portion of long term and short term debt                       44,620                 56,720
                                                               ---------------     ------------------

Total current liabilities                                             104,858                116,490
                                                               ---------------     ------------------

Long-term debt, less current portion                                   94,131                 88,125
Deferred income taxes                                                   5,498                  5,498
Stockholder's equity (deficit)
Common stock - $.01 par value; 1,000 shares
  issued and outstanding                                                    -                      -
Contributed capital                                                    14,024                  9,024
Accumulated deficit                                                  (26,494)               (25,950)
Accumulated other comprehensive income                                  (174)                  (244)
                                                               ---------------     ------------------
Total shareholder equity                                             (12,644)               (17,170)
                                                               ---------------     ------------------

Total liabilities and shareholder equity (deficit)                   $191,843               $192,943
                                                               ===============     ==================
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       11
<PAGE>   11

                             AETNA INDUSTRIES, INC.
                          (A WHOLLY-OWNED SUBSIDIARY OF
                            TRIANON INDUSTRIES CORP.)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                              THREE MONTHS
                                                                 ENDED
                                                      APRIL 2,          MARCH 29,
                                                        1999             1998
                                                        ----             ----
                                                             (UNAUDITED)

<S>                                                <C>                <C>    
Net Sales                                                 $66,820         $53,085
Cost of Sales                                              58,704          44,974
                                                          -------         -------
Gross Profit (loss)                                         8,116           8,111
Selling, general and administrative expenses                4,971           4,486
                                                          -------         -------
Operating income (loss)                                     3,145           3,625
Interest expense, net                                       3,815           2,866
                                                          -------         -------
                                                                          
Income (loss) before income taxes                           (670)             759
Income tax provision (credit)                               (126)             235
                                                          -------         -------
                                                                          
Net income (loss)                                         $ (544)         $   524
                                                          =======         =======
                                                                          
Other Comprehensive income (loss):                                        
   Foreign currency translation adjustment                    70               --
                                                          -------         -------
   Comprehensive income (loss)                            $ (474)         $   524
                                                          =======         =======
</TABLE>

See accompanying notes to consolidated financial statements.


                                       12
<PAGE>   12
                             AETNA INDUSTRIES, INC.
                          (A WHOLLY-OWNED SUBSIDIARY OF
                            TRIANON INDUSTRIES CORP.)

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                  THREE MONTHS
                                                                     ENDED
                                                           APRIL 2,         MARCH 29,
                                                             1999             1998
                                                             ----             ----
                                                                   (UNAUDITED)
<S>                                                     <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Net income (loss)                                         $  (544)         $    524
    Adjustments to reconcile net income to net cash 
       provided by (used for) operating activities:
           Depreciation and amortization                         2,406            1,941
           Changes in other assets and liabilities               4,715           (4,285)
                                                         --------------   --------------

Net cash provided by (used for) operating activities             6,577           (1,820)

CASH FLOWS FROM INVESTING ACTIVITIES                                       
Increase in other assets                                         (704)           (3,214)
                                                         --------------   --------------

Net cash used for investing activities                           (704)           (3,214)

CASH FLOWS FROM FINANCING ACTIVITIES                                                  
Net (decrease) increase in borrowings under line 
    of credit                                                  (12,100)           5,275
Capital Contribution                                             5,000               --
                                                         --------------   --------------

Net cash provided by (used for) financing activities            (7,100)           5,275
                                                         --------------   --------------

Exchange Rate Variation                                             70               --

Net increase (decrease) in cash                                 (1,157)             241
Cash - beginning of year                                         1,185               23
                                                         --------------   --------------

Cash - end of period                                          $     28         $    264
                                                         ==============   ==============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       13
<PAGE>   13


                             AETNA INDUSTRIES, INC.
                        (A WHOLLY-OWNED SUBSIDIARY OF 
                            TRIANON INDUSTRIES CORP.)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)

1.   BASIS OF PRESENTATION

     Aetna Industries, Inc. ("Aetna") is a wholly-owned indirect subsidiary of
     Trianon Industries Corp. ("Trianon Industries") and is a wholly-owned
     direct subsidiary of Aetna Holdings, Inc. ("Aetna Holdings") and has two
     wholly-owned subsidiaries Aetna Export Sales Corp. ("Export") and Aetna
     Manufacturing Canada Ltd ("Aetna Canada"). Trianon Industries is a holding
     company that was formed for the sole purpose of purchasing Aetna and does
     not have any significant operations, other than its investments in its
     subsidiaries assets or liabilities, preferred stock and junior
     subordinated debentures.

     Trianon Industries, Holdings, Export and Canada have fully and
     unconditionally guaranteed the 11 7/8% Senior Notes due 2006 issued by
     Aetna in an aggregate principal amount of $85,000,000 (the "Senior Notes").
     Separate financial statements or other disclosures relative to Aetna
     Holdings, Export or Aetna Canada have not been presented as management has
     determined that such information is not material to investors.

     On April 14, 1998, Aetna's parent, Trianon Industries Corp. (Trianon
     Industries) completed a combination with Societe Financiere de
     Developpement Industriel et Technologique S.A., a French societe anonyme
     (Sofedit) (the Combination). In connection with the Combination, Sofedit's
     former stockholders transferred the outstanding capital stock of Sofedit to
     Trianon Industries in exchange for: (i) promissory notes of Trianon
     Industries in the principal amount of $40.9 million; (ii) dividends in an
     amount of approximately $1.0 million; (iii) 270,000 shares of Series B
     Preferred stock ($27.0 million stated value) of Trianon Industries; (iv)
     3.0 million shares of Common Stock of Trianon Industries, and (v) the
     assumption of approximately $12.0 million of debt of such former
     stockholders. The Combination has been accounted for as a reverse
     acquisition because the former owners of Sofedit own approximately 75% of
     the fully diluted outstanding Common Stock of Trianon Industries as a
     result of the Combination. For accounting purposes, Sofedit is considered
     to be the acquirer of, and the predecessor to, Trianon Industries.

     The accompanying unaudited condensed consolidated financial statements of
     Aetna have been prepared in accordance with Rule 10-01 of Regulation S-X
     and do not include all the information and notes required by generally
     accepted accounting principles for complete financial statements. All
     adjustments, which include only normal recurring adjustments that are, in
     the opinion of management, necessary for a fair presentation of the results
     of the interim periods, have been made. The results of operations for such
     interim periods are not necessarily indicative of results of operations for
     a full year. The unaudited condensed consolidated financial statements
     should be read in conjunction with Aetna's consolidated financial
     statements and notes thereto for the year ended December 31, 1998.


                                       14
<PAGE>   14
                             AETNA INDUSTRIES, INC.
                          (A WHOLLY-OWNED SUBSIDIARY OF
                            TRIANON INDUSTRIES CORP.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)


2.        INVENTORIES
Inventories are comprised of the following:

<TABLE>
<CAPTION>
                                                                         APRIL 2,       DECEMBER 31,
                                                                           1999             1998
                                                                       ------------     ------------
<S>                                                                    <C>              <C> 
Raw materials                                                          $      1,048     $        881
Work-in-process                                                               2,668            2,333
Finished goods                                                                1,441            1,670
Tooling                                                                      39,463           40,724
                                                                       ------------     ------------
Inventories valued at FIFO                                                   44,620           45,608
LIFO Reserve                                                                   (200)            (200)
                                                                       ------------     ------------
                                                                             44,420           45,408

Purchased parts and purchased labor                                           3,024            2,356
                                                                       ------------     ------------
Total inventories                                                      $     47,444     $     47,764
                                                                       ============     ============

</TABLE>


3.       STOCKHOLDER'S EQUITY (DEFICIT)


<TABLE>
<CAPTION>
                                                                             
                                                                                                          
                                                                                                    TOTAL      
                                             CONTRIBUTED      ACCUMULATED      ACCUMLATED       STOCKHOLDER'S
                                               CAPITAL          DEFICIT          OTHER              EQUITY    
                                                                              COMPHREHENSIVE      (DEFICIT)
                                                                                 INCOME
                                                                              
<S>                                              <C>            <C>                <C>         <C>         
Balance at December 31,1998                      $   9,024      $  (25,950)        $  (244)    $   (17,170)
Translation adjustment                                   -               -              70              70
Capital Contribution                                 5,000                                           5,000
Net loss                                                              (544)              -            (544)
                                                -----------   --------------     ----------- ---------------

Balance at April 2, 1999                        $   14,024      $  (26,494)        $  (174)    $   (12,644)
                                                -----------   --------------     ----------- ---------------
</TABLE>

                                       15



<PAGE>   15
ITEM 3. DISCLOSURE OF QUANTITATIVE AND QUALITATIVE INFORMATION ABOUT MARKET 
        RISKS

The financial condition and results of operations of the Company's operating
entities are reported in various foreign currencies (principally Euro and
British pounds sterling) and then translated into U.S. dollars at the applicable
exchange rate for inclusion in the Company's financial statements. As a result,
an appreciation of the dollar against these foreign currencies will have a
negative impact on the reported sales and operating profit of the Company.
Conversely, depreciation of the dollar against these foreign currencies will
have a positive impact. In addition, the Company incurs currency transaction
risk whenever it or one of its subsidiaries enters into either a purchase or
sale transaction using a different currency than the relevant entity's
functional currency. However, the nature of the Company's business results in
the Company generally matching revenues and expenses of the same currency.
Therefore, the Company does not currently use financial instruments to limit its
exposure to foreign transaction exposure risk. The Company does not currently
use financial instruments to limit its exposure to interest rate variations. The
portion of the company's outstanding debt obligations tied to variable interest
rates totals $125.9 million as of December 31, 1998.


ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                  Pursuant to a Consent in Lieu of Special Meeting of the
Stockholders of Trianon which was distributed to its stockholders on December
17, 1998, the Board of Directors proposed an amendment to Trianon's Restated
Certificate of Incorporation to (i) change the name of the corporation from MS
Acquisition Corp. to Trianon Industries Corp., (ii) increase the number of
authorized shares of Trianon's Series A Preferred Stock from 293,123 shares to
405,000 shares and (iii) provide Trianon's Board of Directors the election to
pay dividends accruing on shares of Series A Preferred Stock, in lieu of cash
dividends, in additional shares of Series A Preffered Stock. The amendment is
attached to this Quarterly Report on Form 10-Q as exhibit 3(i).

                  The proposal was adopted by the votes indicated (which
constituted the affirmative vote of more than one-half of the shares voting for
each class and series of stock).


<TABLE>
<CAPTION>
                                       Common Stock                      Preferred Stock
                          -------------------------------------     ------------------------
                          Series A-1   Series A-2    Series A-3      Series A      Series B
                          ----------   ----------    ----------      --------      --------
<S>                         <C>         <C>             <C>         <C>             <C>    
For the Proposal:           1,391,193   1,235,507       885,213     112,760.18      235,169
Against the Proposal:               0           0             0              0            0
Abstaining:                   282,525      90,775        17,285       2,207.20       34,831
</TABLE>



                                       23
<PAGE>   16
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.

The signatory hereby acknowledges and adopts the typed form of his name in the
electronic filing of this document with the Securities and Exchange Commission.

                                         Aetna Industries, Inc.


Date: May 20, 1999                       By:  s/ Harold A. Brown
                                            -------------------
                                         Harold A. Brown
                                         Secretary, Vice President, Finance
                                         and Chief Financial Officer

                                         Trianon Industries Corp.
Date: May 20, 1999     
                                         By:  s/ Harold A. Brown
                                            -------------------
                                         Harold A. Brown
                                         Secretary, Vice President North America



                                       31