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                                                                   Exhibit 99.1

              MILACRON, BANKS AMEND REVOLVING CREDIT AGREEMENT

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    RELAXATION OF TERMS SUPPORTS COMPANY'S PROFIT-IMPROVEMENT INITIATIVES


CINCINNATI, OHIO, August 14, 2003...Milacron Inc. (NYSE: MZ), a leading
supplier of plastics processing equipment and supplies and industrial fluids,
announced today it had reached an agreement with its principal bank group to
amend certain terms of its revolving credit facility.  The purpose of the
amendment is to relax certain financial covenants through the end of 2003 in
light of the extended downturn in the plastics industries and to allow
Milacron to execute its recently announced initiatives to return to
profitability.

"We very much appreciate the flexibility our bank group has given us during
this prolonged manufacturing recession," Milacron chairman and chief executive
officer Ronald D. Brown said.  "This amendment enables us to move ahead with
our needed profit-improvement initiatives while continuing to help our
customers meet their needs as well."

In the newly amended agreement, the covenant specifying minimum levels of
cumulative EBITDA (earnings before interest, taxes, depreciation and
amortization - including adjustments as defined in the agreement) has been
relaxed for the third and fourth quarters.  In addition, the limit on
restructuring expenses has been raised to allow Milacron to move forward with
profit-improvement initiatives designed to save the company approximately $20
million annually.  The facility is now capped at $65 million, of which $54
million is currently utilized.  The availability of the remaining $11 million
is subject to certain new restrictions based on the company's cash position.

The amendment, which contains other new conditions, is being filed today with
the Securities and Exchange Commission. Terms of the facility that remain
unchanged include a final step-down to a $55 million cap on December 15, 2003
and its expiration on March 15, 2004.

Milacron's principal bank syndicate includes Deutsche Bank, arranger and
administrative agent, and PNC Bank, documentation agent.

The forward-looking statements above by their nature involve risks and
uncertainties that could significantly impact operations, markets, products
and expected results.  For further information please refer to the Cautionary
Statement included in the company's most recent Form 10-Q  on file with the
Securities and Exchange Commission.
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First incorporated in 1884, Milacron is a leading global supplier of plastics-
processing technologies and industrial fluids, with about 3,500 employees and
major manufacturing facilities in North America, Europe and Asia.  For further
information, visit www.milacron.com or call the toll-free investor line: 800-
909-MILA (800-909-6452).