DaimlerChrysler, Metaldyne In Joint Venture.

Metaldyne Corp. and DaimlerChrysler have signed an agreement to form a joint venture to operate the Chrysler Group's New Castle, Ind. Machining and Forge facility. Metaldyne will oversee the daily operations, while the Chrysler Group will hold a majority interest in the venture.

The joint venture will be known as NC-M Chassis Systems, LLC. Metaldyne will hold 40 percent of common stock, while the Chrysler Group will hold 60 percent of common stock, the companies said. Current employees will continue to be Chrysler Group employees, and systems support and control processes will remain unchanged. Terms of the agreement are subject to customary approvals.

The New Castle Machining and Forge plant manufactures suspension, engine and transmission components for Chrysler, Jeep 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 addition in 2003 where new components for the Chrysler Group will be produced.