Exhibit 99.1


                                               Contact: Kurt Ruecke 734-354-4020

              Metaldyne and DaimlerChrysler Close on Joint Venture
                       at New Castle Machining and Forge

Plymouth, Mich. - Metaldyne Corporation and DaimlerChrysler Corporation have
closed on a transaction to operate the Chrysler Group's New Castle (Indiana)
Machining and Forge facility as a joint venture. The joint venture will be known
as NC-M Chassis Systems, LLC. Metaldyne, which will oversee daily operations,
will hold 40 percent of common stock, while the Chrysler Group will hold 60
percent of common stock.


"We have officially closed on the joint venture that was announced on December
9, 2002 for Metaldyne to operate the Chrysler Group's New Castle facility," said
Thomas A. Amato, Metaldyne's vice president of corporate development. "We are
pleased to complete this transaction, and we look forward to working with
DaimlerChrysler and the UAW to position the New Castle facility as the
recognized leader in the integration of chassis systems for our global
automotive OEM and Tier One customers."


The New Castle Machining and Forge plant manufactures suspension and powertrain
components for Chrysler, Jeep(R), and Dodge vehicles, and employs approximately
1,300 people. The plant operates in a 1.1 million-square-foot facility, and will
complete a 500,000 square-foot facility in 2003 where new components for the
Chrysler Group will be produced.


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. Current employees will continue
to be Chrysler Group employees, and systems support and control processes will
remain unchanged.








About Metaldyne

Metaldyne 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 Group.
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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