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Hoeganaes Corporation Announces Closure of Remaining Industrial Operations at Cinnaminson, NJ

December 1, 2008

For Immediate Release

Hoeganaes Corporation announced today that it will be closing down the last remaining industrial operations at its Cinnaminson plant. This shutdown is likely to occur in February 2009. Hoeganaes will continue to run its headquarters and research and development facility at the site. Worldwide operations at other US and foreign locations will continue.

As a result of the closure of industrial operations, the remaining 7 jobs will be lost. Hoeganaes is meeting with union officials and affected personnel in regard to benefits and other assistance that will be provided. Notices are also being provided to State and local officials.

Mike Mattingly, Vice President of Human Resources, said, "This is a very sad and difficult time for the Hoeganaes family. The company has operated at the site for more than 55 years. There has been a great family atmosphere among those who have worked here. We are immensely grateful to all those who have contributed so much. Unfortunately, our industry has gone through dramatic change. It has become clear over the last ten years that the Cinnaminson facility was outdated and the cost to modernize and adjust would be prohibitive. In light of the current economic crisis, the decision to completely shut down industrial operations at this site could no longer be deferred. While industrial activity will terminate, the corporate headquarters and other activities will remain. We intend to continue as a good neighbor and remain active in the community ".

1001 Taylors Lane • Cinnaminson, NJ 08077-2017 • USA • 856-829-2220