UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 14A

           Proxy Statement Pursuant to Section 14(a) of the Securities
                              Exchange Act of 1934

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                                  MILACRON INC.

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[MILACRON
--------------------------
MANUFACTURING TECHNOLOGIES                                       News Release

CONTACT: AL BEAUPRE (513) 487-5918


              MILACRON DEBT HOLDERS CONVERT NOTES TO COMMON STOCK

CINCINNATI, Ohio - April 16, 2004...Milacron Inc. (NYSE: MZ) said that the
holders of its Series A Notes, Glencore Finance AG and Mizuho International
plc, have exercised their rights to convert the $30 million in notes into 15
million shares of Milacron common stock. As a result, Milacron's total common
shares outstanding have increased to approximately 50 million, of which
Glencore now owns 10.5 million shares, or approximately 21%, and Mizuho now
owns 4.5 million shares, or approximately 9%.

Glencore and Mizuho acquired the Series A Notes, along with $70 million of
Series B Notes, on March 12, 2004 when they provided Milacron with $100
million in new capital which, together with existing cash balances, was used
to repay the company's $115 million outstanding senior U.S. notes due March 15,
2004. Pending shareholder approval, both the Series B Notes and the common
stock into which the Series A Notes have been converted will be exchangeable
for a new series of convertible preferred stock with a 6% cumulative dividend.

To seek shareholder approval authorizing additional shares of common stock of
the company and the issuance of new preferred stock convertible into such
common stock, Milacron has filed with the SEC a preliminary proxy statement in
which further details of the refinancing plan are described. INVESTORS AND
SECURITY HOLDERS OF MILACRON ARE URGED TO READ THE PROXY STATEMENT REGARDING
THE AUTHORIZATION OF ADDITIONAL SHARES OF COMMON STOCK OF THE COMPANY AND THE
ISSUANCE OF NEW PREFERRED STOCK CONVERTIBLE INTO SUCH COMMON STOCK FOR WHICH
SHAREHOLDER APPROVAL WILL BE SOUGHT. THE PROXY STATEMENT CONTAINS IMPORTANT
INFORMATION ABOUT THE REFINANCING PLAN. A definitive proxy statement, when it
becomes available, will be sent to Milacron shareholders. Investors and
security holders may obtain free copies of the definitive proxy statement and
other documents filed with, or furnished to, the SEC by Milacron at the SEC's
web site, www.sec.gov, or by directing a request to Milacron Inc., 2090
Florence Ave., Cincinnati, OH 45206; (513) 487-5000; www.milacron.com.

CERTAIN INFORMATION CONCERNING PARTICIPANTS: Investors may obtain a list of
the names, affiliations and interests of participants in the solicitation of
proxies from the stockholders of Milacron to approve the authorization of
additional shares of common stock of Milacron and the issuance of new
preferred stock convertible into such common stock as part of the refinancing
plan described in this press release by directing a written request to the
following address: Milacron Inc., 2090 Florence Ave., Cincinnati, OH 45206.

                             ____________________

First incorporated in 1884, Milacron is a leading global supplier of
plastics-processing technologies and industrial fluids, with major
manufacturing facilities in North America, Europe and Asia. For further
information, visit the company's web site or call the toll-free investor hot
line: 800-909-MILA (800-909-6452).

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