Metaldyne Announces Receipt of Extended Waivers Under Senior Credit and Receivables Facilities

PLYMOUTH, Mich., May 26, 2004 -- Metaldyne Corporation (the "Company") announced that it has received new extended waivers in respect of its senior secured credit facilities and accounts receivable securitization facility with respect to certain provisions requiring the Company to deliver financial statements and certain related matters. These waivers further extend previously received waivers. As previously announced, the Company has been delayed in completing certain of its financial statements and is reviewing its previously issued financial statements due to an independent inquiry into certain accounting allegations. In general, the new extended waivers waive delivery of financial statements until the earlier of September 30, 2004 or the occurrence of certain adverse events, including a delivery of a notice of default under certain other agreements. During the waiver period, the Company expects to have access to its revolving credit facility and to its accounts receivable securitization, as typically required, subject to compliance with covenants and other applicable limitations. Copies of these waivers will be filed with the Securities and Exchange Commission as Exhibits to a Form 8-K.

In the event that certain waivers expire or are not obtained or notices of default are delivered in respect of the Company's debt securities, the Company could be materially and adversely affected and lose access to its revolving credit and accounts receivable securitization facilities.

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 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.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results because of certain risks and uncertainties, including but not limited to the outcome and length of the pending inquiry into certain accounting matters, general economic conditions in the markets in which the Company operates, declines in North American automobile and light truck builds, reductions in outsourcing by the Company's automotive customers, the Company's dependence on automotive industry and industry cyclicality; customer concentration; increases in the Company's raw material and energy costs, labor costs and strikes at our major direct and indirect customers and at the Company's facilities, dependence on significant automotive customers, the level of competition in the automotive supply industry and pricing pressures from the Company's customers, technological developments that could competitively disadvantage the Company, risks associated with conducting business in foreign countries, dependence on key personnel and relationships, and the Company's high leverage and ability to service its debt, and the impact of any defaults under its material agreements and debt instruments.