Milacron (MZ) Declares Dividends on Preferred Stock

CINCINNATI, OHIO, July 29, 2004 - Milacron Inc. (NYSE: MZ) today announced that its board of directors has declared a dividend for the fourth quarter of $1.00 per share on its 4% Cumulative Preferred Stock to be paid on December 1 to holders of record as of November 18.  Previously, on April 23, the board had declared a dividend for the third quarter of $1.00 per share on its 4% Cumulative Preferred Stock payable on September 1, with a record date of August 20.

Milacron's board of directors also declared a dividend of $2.70 per share on its 6% Series B Convertible Preferred Stock for the period of June 10 through August 31. The dividend, payable on September 1 to holders of record as of August 20, is contingent on the company's satisfying an availability test under its revolving credit facility at the time of payment.

No dividends were declared on Milacron common stock.

Milacron currently has outstanding: 60,000 shares of 4% Cumulative Preferred Stock, 500,000 shares of 6% Series B Convertible Preferred Stock, and approximately 35 million shares of common stock.

First incorporated in 1884, Milacron is a leading global supplier of plastics-processing technologies and industrial fluids, with 3,500 employees and major manufacturing facilities in North America, Europe and Asia.  For further information, visit www.milacron.com or call the toll-free investor line: 800-909-MILA (800-909-6452).