National Press Release

CAMBRIDGE, Ontario and PLAINFIELD, Ill., April 2 /PRNewswire/ -- Plainfield Tool and Engineering ("Plainfield Companies") announced today that it is closing its Canadian subsidiary, Polymer Technologies, Inc., which is located in Cambridge, Ontario.

Polymer Technologies' secured creditor has brought an application under that Bankruptcy and Insolvency Act (Canada) seeking to appoint KPMG Inc. as receiver. This motion is scheduled to be heard on April 3rd, 2009 and Polymer Technologies intends to work with its secured creditors in an orderly and cooperative manner.

The decision to close this operation is reflective of careful consideration of the current local Canadian market conditions and Polymer Technologies' inability to continue operations under the current environment and given its financial stature.

This action is not an indication of the overall stability or continuing commitment to the industry and to its customers by Plainfield Companies. In fact this action is part of Plainfield Companies' recent reorganization and continuing effort to streamline operations and focus on the core capabilities that have made Plainfield Companies a leader in precision stamping and molding. Plainfield Companies will work closely and cooperatively with any customers affected by this decision to enable a timely and orderly transition.

Greg Conrad, CEO of Plainfield Companies stated, "While this is a disappointing event for our Canadian subsidiary, it is reflective of the challenges faced by this industry under the current difficult economic times. Our core business at Plainfield Companies continues to improve its operations and expand its capability. We are focused on increasing our efficiencies during these difficult times."

Plainfield Companies operates out of its Plainfield IL headquarters and is a leading stamping & molding manufacturer specializing in insert, two-shot, precision, reel-to-reel and microcellular molding as well as metal stamping, multi-slide components, pin forming, coil winding and assembly. Plainfield has been supplying the automotive, medical, electronics, industrial, consumer and military markets for over 40 years.

SOURCE Plainfield Companies