Released on May 27, 2009

Motor vehicle industry supplier Metaldyne Corp., Plymouth, Mich., announced it has filed for Chapter 11 bankruptcy to address monetary needs and facilitate a restructuring, which will include the sale of the majority of its remaining assets.

Metaldyne makes assemblies and modules for transportation related powertrain and chassis applications, including engine, transmission/transfer case, wheel end and suspension, axle and driveline, and noise and vibration control products, to the motor vehicle industry. The company had revenues in 2008 of approximately $1.57 billion and employs more than 4,400 at 33 facilities in 14 countries.

Since its acquisition in 2007 by parent company Asahi Tec Corp., Shiuzuoka, Japan, Metaldyne has closed its aluminum diecasting plant in Niles, Ill., sold two other metalcasting facilities—in Farmington Hills, Mich., and Greenville, N.C.—and accelerated the closure of an administrative office in Plymouth, Mich.

The company filed for Chapter 11 protection for its remaining U.S. entities in the U.S. Bankruptcy Court for the Southern District of New York. The filing does not include Metaldyne’s non-U.S. operations, and Asahi Tec is not included in the filing.

In connection with the filing, Metaldyne has entered into two nonbinding letters of intent to sell its assets. Private equity firms RHJ International and the Carlyle Group have separately submitted letters of intent to purchase different portions of the company. RHJ, which would purchase certain assets of Metaldyne’s Sintered Products, Vibration Control Products and Powertrain Products business units, as well as the European Forging Products business unit, has a majority stake in Asahi Tec. Carlyle has proposed a purchase of certain of Metaldyne’s Chassis business assets.

Metaldyne has been advised that Asahi Tec will now focus on its Japanese businesses and will no longer continue its economic support for Metaldyne

“We are grateful for the support Asahi Tec has provided since it purchased Metaldyne in 2007, particularly in connection with how Asahi Tec helped us to eliminate approximately $400 million of debt from our balance sheet,” said Thomas Amato, Metaldyne chairman, president and chief executive officer.