metal-based components, assemblies and modules, automotive industry

PLYMOUTH, Mich., --January 8, 2004-- Metaldyne Corporation and DaimlerChrysler Corporation have completed a transaction that transfers full ownership of New Castle Machining and Forge to Metaldyne.

Since January 2003, the New Castle operation has been managed as a joint venture between Metaldyne and DaimlerChrysler.

"This represents Metaldyne's final step in the acquisition of New Castle Machining and Forge," said Thomas A. Amato, Metaldyne's vice president of corporate development. "Finalizing this transaction was also a function of unwavering commitment from many employees at DaimlerChrysler, Metaldyne and the UAW. Working together we achieved an unprecedented customer-supplier- employee relationship."

The New Castle Machining and Forge plant manufactures suspension and powertrain components for Chrysler, Jeep and Dodge vehicles.

"New Castle's products are core products to Metaldyne," said Tim Leuliette, Metaldyne's chairman, president and CEO. "We are now launching initiatives to bring new business to this facility and expand the customer base beyond DaimlerChrysler. For the immediate future, we are focused on transitioning this operation into the Metaldyne family. The year-long joint venture paved the way for a smooth transition."

About Metaldyne
Metaldyne is a leading global designer and supplier of metal-based components, assemblies and modules for the automotive industry. Through its Chassis, Driveline and Transmission, and Engine groups, the company supplies a wide range of products for powertrain and chassis applications for engines, transmission/transfer cases, wheel-ends and suspension systems, axles and driveline systems. Metaldyne is also a globally recognized leader in noise and vibration control products.

Headquartered in Plymouth, Michigan, Metaldyne's annual revenues are approximately $2 billion. The company employs more than 8,000 employees at more than 50 facilities in 11 countries.

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