Statement From GETRAG Corporation Regarding Work Force Reduction at Its Newton, North Carolina Facility

MAIDEN, N.C., Jan. 5 /PRNewswire/ — Due to the recent and continuing
worldwide economic crisis, GETRAG Corporation will be permanently laying off
approximately 141 employees at its facility in Maiden, North Carolina on
January 5, 2009. The company regrets having to take this action and will
offer assistance to employees to help ease the transition. Friedemann
Strasser, CEO of GETRAG Corporation, explained: “The current economic
situation and the crisis in the American automotive market in particular
forces us to adjust our organization to assure the long term viability of our
company.”

GETRAG Corporation offers Power Take-Off Units, AWD Systems, and
Drivetrain Components to the automobile industry. The company was founded in
1986 as Getrag Gears of North America, Inc. It changed its name to GETRAG
Corporation in 2001. The company is based in Maiden, North Carolina. GETRAG
Corporation’s majority shareholder is GETRAG Getriebe- und Zahnradfabrik
Hermann Hagenmeyer GmbH & Cie KG. For more information on the company, visit:
www.getrag.de

SOURCE GETRAG Corporation