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Metaldyne, Union Agree on New Contract

Dec. 15, 2003
Pact advances company’s acquisition plan

Metaldyne Inc. reports that a local United Auto Workers union has approved a labor agreement for the joint-venture plant the company operates at New Castle, IN. DaimlerChrysler are co-owners of the operation, which since January 2003 has been operated by Metaldyne on day-to-day basis

New Castle Machining and Forge is 60% owned by DaimlerChrysler and 40% by Metaldyne. . Metaldyne has stated it intends to increase its holding to 100%.

"We feel this progressive agreement further exemplifies the value-added benefits realized from our partnership with the UAW," said Tim Leuliette, Metaldyne chairman, president and CEO.

Leuliette added that acquiring the plant entirely will position Metaldyne as “the recognized leader in the integration of chassis systems for our global automotive OEM and Tier One customers."