Released on October 16, 2009

The sale of Metaldyne Corp., Plymouth, Mich., to MD Investors Corp., begun in early August, has been completed, but one of the company’s two remaining metalcasting facilities was not included.

Metaldyne’s metalcasting operation in Niles, Ill., was excluded from the sale, and its aluminum diecasting and valve body plant in Twinsburg, Ohio, is under consideration for sale. Operations in New Castle, Ind., Greensboro, N.C., Middleville, Mich., and Thamesville, Ontario, Canada, also were not included in the sale. The Niles metalcasting facility, as well as the Greensboro, Middleville and Thamesville plants, will be closed by the end of this year, and New Castle will be closed on Aug. 31.

Included in the sale were Metaldyne’s Sintered Products, European Forging, Vibration Controls Products, driveline machining and assembly, balance shaft module, tubular products and chassis operations, as well as three commercial and research and development locations.

“These Metaldyne operations have solid product portfolios, advanced technologies and an experienced workforce,” said Shary Moalemzadeh of MD Investors. “We have created a powertrain-focused company that will be a stable supplier to the global automotive industry, which we believe will benefit Metaldyne’s customers and other stakeholders.”

The purchase was made under a court supervised auction process. MD Investors paid approximately $40 million in cash (subject to adjustments under the asset purchase agreement), plus the assumption of certain debt and liabilities, and credit bid more than $425 million of secured term debt.

Metaldyne filed for bankruptcy in late May and has been working to restructure itself since. The new company will operate under the name Metaldyne LLC.

“The sale of our best performing businesses was the foundation of our restructuring goals for Metaldyne’s operations through the Chapter 11 process, and I am very pleased with the leadership MD Investors exhibited to bring this transaction to closure,” said Thomas Amato, chairman, president and chief executive officer of Metaldyne LLC.