Milacron’s Operating Earnings Improve;

   Focus on Cost Reductions Continues

CINCINNATI, OHIO, November 5, 2008...Milacron Inc. (MZIA.PK), a leading global supplier of plastics-processing technologies and industrial fluids, today reported a net loss for the quarter ended September 30 of $2.6 million, or 93 cents per share, compared to a net loss in the third quarter of 2007 of $4.5 million, or $1.36 per share. The profit improvement was a result of aggressive overhead cost reductions, which boosted operating earnings to $6.5 million in the quarter versus $3.0 million in the third quarter a year ago. Year to date, operating earnings have improved to $14.5 million compared to $3.6 million in 2007.

Sales in the most recent quarter were $195 million, down 4% from $204 million in the third quarter last year. New orders of $191 million declined 6% from $203 million in the third quarter of 2007, reflecting lower demand for plastics processing equipment in the automotive and construction industries in North America. Manufacturing margins of 19.8% were essentially flat with the year-ago quarter despite lower sales volumes and higher material costs, reflecting the company’s ongoing focus on cost reduction and efficiency.

Strong working capital management helped offset the cash flow effect of a $22 million cash contribution Milacron made to its U.S. pension fund in the quarter. The company ended the quarter with $32 million in cash and approximately $34 million available for borrowing under its primary revolving credit facilities.

Segment Results

Machinery Technologies-North America (machinery and related parts and services for injection molding, blow molding and extrusion supplied from North America, India and China) Sales in the quarter were essentially flat versus the same period last year at $92 million, as depressed U.S. automotive and construction markets dampened sales of injection and extrusion equipment. Sales of blow molding systems improved, as did injection machinery sales in Asia. Cost reductions and efficiency measures in this segment helped operating earnings improve to $8.4 million from $3.8 million in the year-ago quarter. New orders in the quarter were $82 million, off from $91 million last year.

Machinery Technologies-Europe (machinery and related parts and services for injection molding and blow molding supplied from Europe) Declining demand for injection molding machines in Western Europe accounted for a sharp drop in segment sales to $38 million from $46 million in 2007. Blow molding machine shipments were flat. Lower sales volume led to a segment operating loss of $1.9 million compared to a small operating profit of $0.9 million in the year-ago quarter. New orders picked up toward the end of the quarter, however, and came in at $45 million versus $46 million in 2007.

Mold Technologies (mold bases, hot runner systems, related parts and services, as well as maintenance, repair and operating supplies for injection molding worldwide) Continued softness in both North America and Western Europe, much of it from the automotive sector, led to a sales decline in the third quarter to $35 million from $37 million a year ago. Restructuring and other efficiency improvements helped this segment post a modest $0.7 million profit compared to a loss of $0.4 million in the year-ago quarter.

Industrial Fluids (water-based and oil-based coolants, lubricants and cleaners for metalcutting and metalforming operations worldwide) Sales of $33 million were up from $31 million in the third quarter of 2007, with currency translation effects accounting for two-thirds of the increase. Segment earnings were $3.4 million, down slightly compared to $3.5 million a year ago as the timing of material cost increases outpaced pricing and other cost reduction initiatives within the quarter.

Outlook
“The uncertainty of the global credit markets and the impact on our customers makes it difficult to have any degree of certainty with respect to our future guidance,” said Ronald D. Brown, chairman, president and chief executive officer.

“In this environment, we will continue to focus on cash conservation and opportunities for further cost reductions. Based upon our current backlog of orders, we expect fourth quarter sales and operating earnings, excluding additional restructuring charges, to approximate those of the third quarter,” he said.

The forward-looking statements above by their nature involve risks and uncertainties that could significantly impact operations, markets, products and expected results. For further information please refer to the Cautionary Statement included in the company’s most recent Form 10-Q on file with the Securities and Exchange Commission.

Investor Conference Call
Today at 1:00 p.m. ET, Milacron will hold an open investor conference call, which can be accessed live at www.milacron.com. The dial-in number for those interested in asking questions is (719) 325-4827 or (877) 723-9523. A recording of the conference call will be available from 4:00 p.m. today through midnight November 18 on Milacron’s website or by phone: (719) 457-0820 or (888) 203-1112 and providing the access code: 1347530.

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

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