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Metaldyne Completes Plant Takeover

Jan. 5, 2004
New Castle Machining and Forge now wholly owned

Metaldyne Corp. completed its purchase of the outstanding portion of New Castle Machining and Forge from DaimlerChrysler Corp. Since last January the two companies had shared ownership of the Indiana operation, with Metaldyne managing the facility as a joint venture.

New Castle Machining and Forge produces suspension and powertrain components for Chrysler, Jeep, and Dodge vechicles.

Metaldyne manufactures various metal automotive components through its three operating divisions -- Chassis, Driveline and Transmission, and Engine. Company chairmand, president, and CEO Tim Leuliette said, "New Castle's products are core products to Metaldyne. We are now launching initiatives to bring new business to this facility and expand the customer base beyond DaimlerChrysler. For the immediate future, we are focused on transitioning this operation into the Metaldyne family. The year-long joint venture paved the way for a smooth transition."