Released on February 26, 2008

Intermet Corp., Fort Worth, Texas, announced it has landed $130 million in annualized new and replacement business during 2007.

Revenue from the multi-year programs will total more than $537 million, spanning the Ferrous, Die Cast and Pressure-Counter-Pressure Casting business groups. The contracts will add to the metalcaster’s previously shrinking automotive, commercial vehicle and industrial customer base.

“We’re delighted with the growing trust of our OEM and Tier One customers,” said Jeff Mihalic, president and CEO, Intermet Corporation.

Over the last 24 months, Intermet has incorporated a number of restructuring moves, dividing its corporate structure into three units overseen by an advisory board, selling its European operations and closing its Pulaski, Tenn., plant in January. The Pulaski closing reportedly was due to company-wide overcapacity. However, Intermet said in a press release it is “now on sound financial ground.”

“We have made great progress with the implementation of our key strategic initiatives in a short period of time, as is evident in our ability to capture new business,” Mihalic said.

According to the press release, the company also has begun implementing lean manufacturing principles to improve operations, increasing labor productivity by 14% and reducing overall cycle times.

“These improvements have brought about a dramatic change in attitude across our company,” Mihalic said. “Our [approximately 2,000] employees now realize they control the operation. Nobody in our company will ever get in trouble for making a change that doesn’t deliver the expected benefits.”