Metaldyne Signs Agreement to Divest GLO to SKF

PLYMOUTH, Mich., Sept. 2, 2008 - Metaldyne Corporation, an Asahi Tec company, today announced it has entered into an agreement to divest its GLO S.r.L. operation in Poggio Rusco, Italy, to AB SKF of Goteborg, Sweden.

The decision to divest this operation is another step in Metaldyne's Plan to Win, which is aimed at creating value for the company's stakeholders. Under the Plan, Metaldyne has streamlined its cost structure, focused its capital expenditures and intensified its product line focus, all to improve performance.

"One of the major initiatives of the Plan to Win is to concentrate on our core products," said Thomas A. Amato, chairman and CEO of Metaldyne and co-CEO of Asahi Tec. "We are pleased to see this transaction come together where ultimately GLO will become part of the SKF family of businesses."

GLO designs, develops and produces constant velocity joints for the aftermarket and OEM automotive industry. The SKF Group is one of the leading global suppliers of products, solutions and services in the area comprising rolling bearings, seals, mechatronics, services and lubrication systems. It is acquiring GLO to broaden the existing product range and to strengthen its presence in the European vehicle aftermarket segment.

"GLO is one of the leading manufacturers in the European automotive aftermarket and has a broad range of products well suited for this market," said Lars Wilsby, head of SKF Global Automotive Aftermarket Operations. "Its commitment to delivering quality products on-time to its customers is a great fit with SKF. We see excellent growth potential for this operation."

The acquisition is subject to certain conditions to closing and requires approvals by relevant authorities.

GLO is an indirect wholly-owned subsidiary of Metaldyne Corporation that began production of constant velocity joints in 1978 and was acquired by MascoTech in 1988 before becoming part of Metaldyne in 2000.

Proceeds from the sale will be used to pay down debt or for general funding purposes.