FOR IMMEDIATE RELEASE                                            Media Contacts:
                                                                   Myra Moreland
                                                                    734 207-6762



Metaldyne Announces Completion of Independent Accounting Investigation


     Plymouth, Michigan (September 23, 2004) -- Metaldyne Corporation (the
"Company") today disclosed that the previously announced independent
investigation into certain accounting matters has been completed and that it
will be making certain adjustments to previously reported financial results as a
result of its review of information obtained through the investigation. The
Company has also separately announced today certain preliminary financial
information concerning the previously unreported fourth quarter of 2003 and the
first two quarters of 2004. In summary, the Company presently estimates that
there will be adjustments to previously reported results for 2001, 2002 and the
first nine months of 2003 in the following estimated amounts: for 2001, the
Company's reported loss before income taxes was overstated and operating profit
was understated by approximately $1 million in each case; for 2002, the
Company's reported loss before income taxes was understated and operating profit
was overstated by approximately $5 million in each case; and, for the first nine
months of 2003, the Company's reported loss before income taxes was understated
by approximately $3 million and operating profit was overstated by less than $1
million. The restatement will also affect periods prior to 2001. In addition,
there is expected to be an adjustment to increase goodwill by approximately $18
million as of the November 2000 acquisition date of the Company. Review of all
restatement adjustments is ongoing.

     The restatement arose primarily out of information obtained through the
investigation conducted by an independent director of the Company, Marshall
Cohen, with the assistance of an independent counsel, Sidley Austin Brown & Wood
LLP, and the forensic accounting group of Deloitte & Touche LLP. The
investigation was initiated as a result of certain allegations made by an
employee of the Company and information obtained by the Company's internal audit
staff. As discussed below, the Company has implemented, or adopted plans to
implement, a number of measures intended to address matters of concern that have
been identified through the investigation and is continuing to consider further
measures.

     In 2003, a new plant controller at the Sintered division's St. Mary's,
Pennsylvania facility encountered difficulties in understanding certain
accounting practices and documentation. In December 2003, he notified the
Company's independent auditors, KPMG LLP, that, among other things, he was
unable to reconcile certain of the plant's general ledger accounts and to find
appropriate documentation for certain entries and indicated that he had concerns
regarding the division controller. The Company's Chief Financial Officer
initiated an immediate review by the Company's internal audit department of
accounting procedures and financial accounting at the domestic plants within the
Sintered division. Shortly thereafter, the Company and its Board of Directors
authorized the independent investigation into certain accounting practices at
the Sintered division from 2001 through 2003.

     During the initial stages of the investigation, the Company was made aware
of errors with respect to the recording of certain entries which it attempted to
analyze. While the




Company was performing these analyses, in February 2004, the Sintered division
controller made the following allegations concerning actions in which he
admittedly participated. He alleged that, following the acquisition of the
Company in November 2000, income at the Sintered division from 2000 through 2003
was deliberately understated by up to approximately $10 million in the
aggregate. He alleged that these understatements were part of an effort to
disguise previous overstatements of income by approximately $20 million in
aggregate at the Sintered division during the period from 1996 through 1999,
which was prior to the acquisition. There were three primary allegations from
the former Sintered divisional controller related to the period 1996 to 1999.
During this time, he stated income was overstated by (1) overstating fixed
assets, (2) understating liabilities (notably accounts payable), and (3) using a
complex set of manual journal entries every month to "disguise" the effects of
(1) and (2). Following the acquisition in late 2000, he stated that income was
understated through similar actions. The Company has concluded that the Sintered
division controller's allegations concerning these actions were correct,
although the amounts impacted by the actions vary from the allegations as
reflected in the information released by the Company today. The Sintered
division investigation revealed deficiencies, circumventions and breakdowns that
occurred in controls and procedures at the Company. As a result of these and
other investigated matters, to date, seven accounting or operations personnel
are no longer employed by the Company.

     Based upon certain findings within the Sintered division, the investigation
was expanded to encompass accounting practices in other areas of the Company
concerning the use of reserves and accrual accounts and the recognition of
tooling income for the period from 2001 through 2003. This investigation
involved an extensive review by those conducting the investigation of journal
entries of over a specified amount made over a three year period. As a result of
the expanded investigation, the Company became aware of instances of
inappropriate accounting relating to reserves and accruals, which had the effect
of "smoothing" earnings for certain periods. Specifically, the Company has
concluded from the investigative findings that certain plant controllers had
inappropriately maintained reserves to cover unanticipated expenses, increased
or decreased reserves based upon performance, and/or recorded accruals or
reserves different from estimated or analyzed amounts. The Company has also
identified from the investigative findings a few instances of incorrect timing
in the recognition of tooling income. The investigation categorized journal
entries from the relevant periods for analysis by the Company and review by the
Company with its current and former independent auditors. The Company analyzed
those categories of entries which the investigation determined to be either
potentially inaccurate (i.e., warranting further review) or unknown (i.e.,
insufficient documentation for third party evaluation). Based upon the Company's
initial review of these categories of entries, the Company believes that the net
impact on pretax earnings of the entries determined to be inappropriate and the
tooling income issue discussed above was less than $1 million in each of the
years of 2001, 2002 or 2003 and no quarter was affected by more than that
amount. Review of the journal entries by the Company with its current and former
independent auditors is ongoing and, consequently, there is the possibility of
restatement adjustments in amounts in excess of the impact described above.

     Through the work of the investigation, a number of concerns with financial
controls and procedures have been identified. Control concerns specifically
identified by those conducting the investigation include, but are not limited
to, instances of disregard for, or lack of understanding of, proper accrual
accounting under GAAP, particularly in relation to reserve accounts;
inconsistent policies and procedures concerning the recognition of tooling
income; inadequate training of personnel within key accounting and operations
functions; undue pressure

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on certain accounting personnel relative to operating results; issues in
properly reviewing internal reporting packages and questionnaires; a failure to
properly account for fixed assets; a lack of timely and adequate monitoring of
intercompany balances, management review of general ledger, account
reconciliation and manual journal entries; and insufficient information systems
safeguards and security controls. The Company understands that its current
independent auditors have identified certain concerns that give rise to material
weaknesses and that its auditors will make business recommendations based upon
these and other concerns. Material weaknesses, if unaddressed, could result in
material errors in the Company's subsequent financial statements. The Company
believes that certain of the issues highlighted by the investigation derive from
the Company's history of acquisitions and the attendant employment of personnel
from different predecessor companies who continued prior accounting practices.
In some instances, the Company believes control issues have been exacerbated by
the predecessor companies' previously highly decentralized structure which
current management has been addressing over time since the acquisition.

     The Company believes these issues to be serious and has devoted substantial
resources to the improvement and review of its control processes and procedures
and such review is ongoing. Those conducting the investigation have made
observations concerning corrective actions based on the matters that have come
to their attention, which the Company has reviewed. The Company has taken
actions or considered actions to address concerns and issues referred to above,
and intends to continue taking actions as necessary to further address such
concerns and issues, by (1) making personnel and organizational changes; (2)
improving communications and internal reporting; (3) simplifying and making
consistent various accounting policies and procedures and enhancing related
documentation; (4) significantly expanding its training programs for both
accounting and non-accounting employees related to accounting matters; (5)
increasing management's focus on internal controls and improving the extent and
timing of management oversight in a number of areas; and (6) implementing
processes and procedures to reduce manual interventions and adjustments and more
appropriately limit access to certain files and systems. The Company's Audit
Committee and its Board of Directors have reviewed the actions undertaken to
date in response to the findings arising from the accounting investigation and
authorized other actions to improve control processes and procedures. The
Company will continue to evaluate the effectiveness of its controls and
procedures on an ongoing basis, including consideration of internal control
weaknesses and business recommendations identified by its auditors and
suggestions made by those that conducted the investigation, and, consequently,
intends to implement further actions in its continuing efforts to strengthen the
control process. In addition, the Company continues to implement previously
identified desirable improvements in its internal controls in preparation for
compliance with Section 404 of the Sarbanes-Oxley Act.

     The Company is in the process of preparing the restatement and expects to
make appropriate filings with the Securities Exchange Commission of its restated
results and previously unfiled Securities Exchange Act reports as soon as
practicable. The information being released by the Company today is subject to
its continuing review, as well as all necessary review by its auditors and
others, and is subject to further change. In addition, prior to the announcement
of the investigation, the Commission provided the Company with comments on its
filings under the Securities Exchange Act of 1934 in the ordinary course and the
Company expects to respond to the Staff concerning those comments prior to
filing definitive Forms 10-K and 10-Q's for the relevant periods. It is possible
that disclosure may change as a result of that review. In

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addition, the Company is seeking relief from certain disclosure requirements in
the Form 10-K relating to pre-acquisition periods and the Company may be delayed
in filing definitive documents pending receipt of that relief or if such relief
is not obtained. As separately announced, the Company has undertaken to seek
extensions of waivers from its senior credit facility lenders, receivables
finance providers and certain lessors relating to its delay in financial
reporting.

About Metaldyne

     Metaldyne is a leading global designer and supplier of metal-based
components, assemblies and modules for the automotive industry. Through its
Chassis, Driveline and Engine groups, the Company supplies a wide range of
products for powertrain and chassis applications for engines,
transmission/transfer cases, wheel-ends and suspension systems, axles and
driveline systems. Metaldyne is also a globally recognized leader in noise and
vibration control products.

Forward-Looking Statements

     This press release contains "forward-looking" statements, as that term is
defined by the federal securities laws, about the Company's financial condition,
results of operations and business. You can find many of these statements by
looking for words such as "may," "will," "expect," "anticipate," "believe,"
"estimate", "should" and similar words used in this press release. These
forward-looking statements are subject to numerous assumptions, risks and
uncertainties. Because the statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or implied by the
forward-looking statements. The Company cautions readers not to place undue
reliance on the statements, which speak only as of the date of this press
release. The cautionary statements set forth above should be considered in
connection with any subsequent written or oral forward-looking statements that
the Company or persons acting on the Company's behalf may issue.

     Risks and uncertainties that could cause actual results to vary materially
from those anticipated in the forward-looking statements included in this press
release include general economic conditions and cyclicality in the markets in
which we operate and industry-based factors such as: declines in North American
automobile and light truck builds; dependence on significant automotive
customers; reductions in outsourcing by the Company's automotive customers;
increases in the Company's raw material and energy costs; continued availability
of arrangements for the Company's liquidity; dependence on third-party suppliers
and manufacturers; dependence on key personnel and relationships; product
liability; environmental matters; labor costs and strikes at the Company's major
direct and indirect customers and at the Company's facilities; the level of
competition in the automotive supply industry and pricing pressures from the
Company's customers; risks associated with the Company's acquisition strategy
and the Company's ability to successfully integrate acquisitions, including
successfully taking actions we have identified as providing cost-saving
opportunities; technological developments that could competitively disadvantage
us; and risks associated with conducting a growing portion of the Company's
business in foreign countries. In addition, factors more specific to us could
cause actual results to vary materially from those anticipated in the
forward-looking statements included in this press release such as substantial
leverage, substantial capital requirements, limitations imposed by the Company's
debt instruments and the Company's ability to identify attractive and other
strategic acquisition opportunities. There are further risks and uncertainties
attendant to the Company's ability to timely address the Company's financial and
account-

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ing controls and issues to sufficiently mitigate the risk of material
errors in the Company's financial reporting and we cannot be certain that the
Company will not suffer material adverse consequences from the completed
investigation and the attendant restatement of previously reported financial
results and any further review by the Securities and Exchange Commission of such
matters and the Company's past and future public filings.


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