8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                            ------------------------

                                    FORM 8-K

                                 Current Report

                Pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934

                                  July 18, 2002
                Date of Report (Date of earliest event reported)


                              METALDYNE CORPORATION
             (Exact name of registrant as specified in its charter)

            Delaware                     001-12068                38-2513957
(State or other jurisdiction of   (Commission file number)     (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                  47603 Halyard Drive, Plymouth, Michigan 48170
                    (Address of principal executive offices)

                                 (734) 207-6200
              (Registrant's telephone number, including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)



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Item 5. Other Events.

     On July 18, 2002, Metaldyne Corporation and DaimlerChrysler Corporation
issued a joint press release, which is filed as an exhibit to this Form 8-K,
announcing a non-binding letter of intent to form a joint venture to operate the
New Castle Machining Forge facility presently owned by DaimlerChrysler in New
Castle, Indiana. The terms of a potential transaction are subject to completion
of due diligence, the execution of definitive agreements, regulatory approvals
and approvals by the respective company Board of Directors/Board of Management.
It is presently contemplated that formation of the joint venture would involve
an initial cash investment by Metaldyne of approximately $20-30 million for a
minority investment and a contribution of assets by DaimlerChrysler. If the
companies proceed with the joint venture, it is expected that there will be
customary documentation for a joint venture, including provisions addressing the
management of the joint venture and circumstances under which the parties will
be entitled to buy or sell the other party's interests in the joint venture, as
well as a supply agreement. No assurance can be given that either party will be
willing to proceed with the transaction.


Item 7. Exhibits.

     (c) Exhibits. The following exhibit is filed herewith:

                 Exhibit No.             Description

                 (99.1)                  Press Release dated July 18, 2002







                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated:  July 22, 2002

                        METALDYNE CORPORATION


                        By:    /s/ William M. Lowe, Jr.
                               --------------------------------------
                               Name: William M. Lowe, Jr.
                               Title: Executive Vice President
                                       and Chief Financial Officer





                                  EXHIBIT INDEX


         99.1  Press Release dated July 18, 2002

EX-99.1

                                                                           FINAL


Contact:
Shawn Morgan, DaimlerChrysler Corporation, 248-512-2692
Kurt Ruecke, Metaldyne Corporation, 734-354-4020



       Metaldyne and DaimlerChrysler Announce Letter of Intent to Explore
            Joint Venture at New Castle Machining and Forge Facility


   Plymouth, Mich./Auburn Hills, July 18, 2002 - Metaldyne Corporation and
   DaimlerChrysler Corporation have signed a letter of intent to explore
   entering into a joint venture to operate the DaimlerChrysler New Castle
   Machining and Forge facility in New Castle, Indiana.

   The DaimlerChrysler New Castle Machining and Forge operation manufactures
   suspension components, as well as engine and transmission components for
   Chrysler, Jeep(R) and Dodge vehicles and employs approximately 1,350 salaried
   and hourly workers.

   "Metaldyne is focused on full-service, integrated supply opportunities in the
   engine, driveline and chassis portion of the automotive industry," said
   Timothy Leuliette, Metaldyne's Chairman, President and CEO. "This potential
   joint venture positions us to play a larger role as a systems and module
   consolidator in keeping with our established company vision."

   "There is a solid business case behind this letter of intent," said Tom
   LaSorda, Executive Vice President, Manufacturing, DaimlerChrysler
   Corporation. "This potential transaction would allow us to explore ways to
   provide New Castle Machining and Forge with new opportunities to increase its
   competitiveness, and give the plant access to global markets."





                                     -more-

   Both Metaldyne and DaimlerChrysler will work with the International and Local
   union leadership in connection with this potential transaction. Employees at
   the facility are represented by the United Auto Workers Local #371, the
   International Association of Machinists Lodge D.S. 120 and the Security
   Police Fire Professionals of America Local #133.

   Terms of a potential transaction are subject to the completion of due
   diligence, the execution of a definitive agreement, regulatory approvals, and
   approval by the respective company Board of Directors/Board of Management. No
   date for the completion of this stage of the process has been set.

   "Recently, we announced a divestiture of 66% in a non-automotive subsidiary
   for $840 million in cash that has allowed us to reposition our balance sheet
   and capital structure to set the foundation for future growth opportunities,"
   said William Lowe, Executive Vice President and CFO of Metaldyne. "We are
   focused exclusively on our automotive business and we will be pursuing
   strategic acquisitions and joint venture opportunities such as this
   transaction to expand our leadership positions in engine, driveline and
   chassis components."


   About Metaldyne
   Metaldyne is a Heartland Industrial Partners company. The company is a
   leading global designer and supplier of metal-based components, 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 serves the automotive segment through its Chassis,
   Driveline & Transmission, and Engine Groups.

   Headquartered in Plymouth, Mich., Metaldyne's annual revenues exceed $1.4
   billion. The company employs nearly 8,500 employees at over 50 facilities in
   11 countries.

   For more information, please visit http://www.metaldyne.com.




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