MILACRON
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MANUFACTURING TECHNOLOGIES                                       News Release

CONTACT: AL BEAUPRE (513) 487-5918


              MILACRON DEBT HOLDERS CONVERT NOTES TO COMMON STOCK

CINCINNATI, Ohio - April 16, 2004...Milacron Inc. (NYSE: MZ) said that the
holders of its Series A Notes, Glencore Finance AG and Mizuho International plc,
have exercised their rights to convert the $30 million in notes into 15 million
shares of Milacron common stock. As a result, Milacron's total common shares
outstanding have increased to approximately 50 million, of which Glencore now
owns 10.5 million shares, or approximately 21%, and Mizuho now owns 4.5 million
shares, or approximately 9%.

Glencore and Mizuho acquired the Series A Notes, along with $70 million of
Series B Notes, on March 12, 2004 when they provided Milacron with $100 million
in new capital which, together with existing cash balances, was used to repay
the company's $115 million outstanding senior U.S. notes due March 15, 2004.
Pending shareholder approval, both the Series B Notes and the common stock into
which the Series A Notes have been converted will be exchangeable for a new
series of convertible preferred stock with a 6% cumulative dividend.

To seek shareholder approval authorizing additional shares of common stock of
the company and the issuance of new preferred stock convertible into such common
stock, Milacron has filed with the SEC a preliminary proxy statement in which
further details of the refinancing plan are described. INVESTORS AND SECURITY
HOLDERS OF MILACRON ARE URGED TO READ THE PROXY STATEMENT REGARDING THE
AUTHORIZATION OF ADDITIONAL SHARES OF COMMON STOCK OF THE COMPANY AND THE
ISSUANCE OF NEW PREFERRED STOCK CONVERTIBLE INTO SUCH COMMON STOCK FOR WHICH
SHAREHOLDER APPROVAL WILL BE SOUGHT. THE PROXY STATEMENT CONTAINS IMPORTANT
INFORMATION ABOUT THE REFINANCING PLAN. A definitive proxy statement, when it
becomes available, will be sent to Milacron shareholders. Investors and security
holders may obtain free copies of the definitive proxy statement and other
documents filed with, or furnished to, the SEC by Milacron at the SEC's web
site, www.sec.gov, or by directing a request to Milacron Inc., 2090 Florence
Ave., Cincinnati, OH 45206; (513) 487-5000; www.milacron.com.

CERTAIN INFORMATION CONCERNING PARTICIPANTS: Investors may obtain a list of the
names, affiliations and interests of participants in the solicitation of proxies
from the stockholders of Milacron to approve the authorization of additional
shares of common stock of Milacron and the issuance of new preferred stock
convertible into such common stock as part of the refinancing plan described in
this press release by directing a written request to the following address:
Milacron Inc., 2090 Florence Ave., Cincinnati, OH 45206.

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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 the
company's web site or call the toll-free investor hot line: 800-909-MILA
(800-909-6452).

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