Document:

<PAGE>

                                                                    Exhibit 10.1

                               PURCHASE AGREEMENT

     This Purchase Agreement ("Agreement") is made and entered into effective as
of the 10th day of May, 2002, by and between MTD PRODUCTS INC, an Ohio
corporation ("Buyer") and SHILOH CORPORATION, an Ohio corporation ("Seller").

     WHEREAS, Seller is engaged in the business of manufacturing and selling
certain automotive and outdoor power equipment parts to certain OEM's and
suppliers to the OEM's (the "Business"); and

     WHEREAS, Seller desires to sell to Buyer and Buyer desires to acquire from
Seller certain assets of the Business as hereinafter specifically identified on
the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound, the parties hereby agree as
follows:

     1.   Purchased Assets. Seller hereby agrees to grant, bargain, sell,
convey, transfer and assign all of its right, title and interest it may have in
the following assets:

          (a)  1,500 ton straight-side blanking press and feedline (Work Center
               19) and related equipment as further identified on Schedule One
               attached hereto (the "1,500 Ton Press");

          (b)  2,000 ton press and feedline (Work Center 24) and related
               equipment as further identified on Schedule Two attached hereto
               (the "2,000 Ton Press"); and

          (c)  1,000 C press and feedline (Work Center 25) and related equipment
               as further identified on Schedule Three attached hereto (the
               "1,000 C Press").

(The identified blanking presses and related equipment are sometimes also
referred to as the "Blanking Presses" or "Purchased Assets"). Upon transfer of
the Blanking Presses hereunder, Seller will execute and deliver to Buyer the
Bill of Sale in the form attached hereto as Exhibit "A".

     2.   Purchase Price. The purchase price for the Purchased Assets shall be
as follows:

<PAGE>

          (a)  One Million Nine Hundred Twenty-Eight Thousand Three Hundred
               Seventy-Seven and 34/100 Dollars ($1,928,377.34) for the 1,500
               Ton Press.

          (b)  One Million Eight Thousand Five Hundred Seventy-Two and 32/100
               Dollars ($1,008,572.32) for the 2,000 Ton Press.

          (c)  One Million Six Hundred Three Thousand Six Hundred Sixty-Seven
               and 55/100 Dollars ($1,603,667.55) for the 1,000 C Press.

     The total amount of Four Million Five Hundred Forty Thousand Six Hundred
Seventeen and 21/100 Dollars ($4,540,617.21) be paid by Buyer to Seller via wire
transfer at the time of Closing.

     3. Condition of Purchased Assets. Seller represents and warrants that the
Purchased Assets are in good operating and physical condition, ordinary wear and
tear excepted, and have been maintained in all material respects in compliance
with manufacturers' operating guidelines.

     4. Title. Seller is the sole owner of the Purchased Assets. Except for the
lien of JPMorgan Chase Bank, as Agent for Seller's secured lenders ("JPMorgan"),
Seller has good and marketable title to the Purchased Assets free and clear of
any and all liens and encumbrances. At Closing, Seller will provide to Buyer
duly executed Uniform Commercial Code Form 3's reflecting amendments/partial
releases of JPMorgan, as Agent, with regard to the Purchased Assets.

     5.   Location of Purchased Assets. The Purchased Assets are currently
located at 402 Ninth Street, Mansfield, Ohio (the "Facility"). The Purchased
Assets shall remain in the Facility as further set forth in the Manufacturing
Supply Agreement executed simultaneously herewith.

     6. UCC Filings. Seller will acknowledge the transfer of title of the
Purchased Assets from Seller to Buyer and will execute appropriate UCC Financing
Statements to record the ownership of the Purchased Assets in the Buyer,
including such UCC Financing Statements in the form attached hereto as Exhibit
"B". This Agreement shall constitute a Security Agreement for purposes of the
UCC.

     7. Closing and Assignment of the Tax Exemption. The Closing will occur on
or about May 10, 2002. On or prior to Closing and as a condition to Closing
hereunder, the Seller shall cause the assignment to the Buyer of the benefits
under and/or that part of the Enterprise Zone Agreement in place and applicable
to the feedline on the 1,500 Ton Press so that upon assignment, the personal
property tax exemption applicable to the feedline on the 1,500 Ton Press shall
be transferred to and received by the Buyer.

                                      -2-

<PAGE>

     8.   No Assumed Liabilities. Buyer will not assume any liabilities with
regard to any purchase orders which Seller may have in place which utilize the
Purchased Assets.

     9. Prior Agreements Superseded. This Agreement and the Manufacturing Supply
Agreement constitutes the sole and only agreement of the parties with regard to
the subject matter herein and supersedes any prior understanding or written or
oral agreements between the parties respecting such subject matter.

     10.  Parties Bound. Neither party may assign this Agreement without the
consent of the other party. This Agreement shall be binding on and inure to the
benefit of the parties and their respective successors, and assigns when
permitted by this contract.

     11.  Governing Law. The Agreement shall be construed under the laws of the
State of Ohio.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective as
of the date set forth above.

                                   Seller
                                   SHILOH CORPORATION

                                   By:     /s/ Stephen E. Graham
                                           -------------------------------------
                                   Title:  CHIEF FINANCIAL OFFICER
                                           -------------------------------------

                                   Buyer
                                   MTD PRODUCTS INC

                                   By:     /s/ Ronald C. Houser
                                           -------------------------------------
                                   Title:  EXECUTIVE VICE PRESIDENT AND
                                           -------------------------------------
                                           CHIEF FINANCIAL OFFICER
                                           -------------------------------------

                                      -3-

<PAGE>

                      GUARANTEE OF SHILOH INDUSTRIES, INC.

     As the sole shareholder of Shiloh Corporation, Shiloh Industries, Inc.
acknowledges the receipt of benefits pursuant to the Agreement and guarantees
the obligations of Shiloh Corporation as set forth in this Agreement.

                                   SHILOH INDUSTRIES, INC.

                                   By:     /s/ Steven E. Graham
                                           -------------------------------------
                                   Title:  CHIEF FINANCIAL OFFICER
                                           -------------------------------------

                                      -4-

<PAGE>

                      Workcenter 19   15A Press and Feedline

                                  SCHEDULE ONE

       Asset
       -----
        No.   Description
        ---   -----------
          315 15A Press(Workcenter 19)
              Manufacturer                                             Danly
              Model                                          SC2-1500-132-84
              Serial Number                                         71297801
              In service date                                     07/30/1971
              Acquired Value                                   $  254,713.80
              Current Net Book Value                           $        0.00

         1840 15A Feedline
              Manufacturer                            Automatic Feed Company
              Model                                                      N/A
              Serial Number                                      98001-98020
              In service date                                     09/30/1999
              Acquired Value                                   $2,141,575.24
              Current Net Book Value                           $1,725,157.84

         1233 15A Gear work
              In service date                                     11/19/1992
              Acquired Value                                   $   29,900.00
              Current Net Book Value                           $    7,059.70

         1319 15A Motor
              In service date                                     03/31/1994
              Acquired Value                                   $   16,280.05
              Current Net Book Value                           $    5,652.81

         1926 15A Feedline rebuild
              In service date                                     01/31/2001
              Acquired Value                                   $  207,825.80
              Current Net Book Value                           $  190,506.99

              Total Workcenter 19
              Acquired Value                                   $2,650,294.89
              Current Net Book Value                           $1,928,377.34
                                                               =============

<PAGE>

                    Workcenter 24   2000 Ton Press and Feedline

                                  SCHEDULE TWO

       Asset
       -----
        No.   Description
        ---   -----------
         1311 2000 Ton Press(Workcenter 24)
              Manufacturer                                            Niagra
              Model                                          SE4-2000-144-90
              Serial Number                                           P53805
              In service date                                      02/1/1994
              Acquired Value                                   $1,431,813.00
              Current Net Book Value                           $  477,271.01

         1313 2000 Ton Automatic Feedline
              Manufacturer                            Automatic Feed Company
              Model                                                      N/A
              Serial Number                                      92022-92029
              In service date                                      02/1/1994
              Acquired Value                                   $1,542,375.00
              Current Net Book Value                           $  514,125.00

         1488 2000 Ton Motor Rebuild
              In service date                                     12/11/1996
              Acquired Value                                   $    7,570.00
              Current Net Book Value                           $    4,310.72

         1844 2000 Ton straightener roll
              In service date                                     09/16/1999
              Acquired Value                                   $   15,971.09
              Current Net Book Value                           $   12,865.59

              Total Workcenter 24
              Acquired Value                                   $2,997,729.09
              Current Net Book Value                           $1,008,572.32
                                                               =============

<PAGE>

                     Workcenter 25   1000 C Press and Feedline

                                 SCHEDULE THREE

     Asset
     -----
      No.   Description
      ---   -----------
       1354 1000C Press(Workcenter 25)
            Manufacturer                                           Clearing
            Model                                            S4-1000-200-80
            Serial Number                                           10-4501
            In service date                                      09/30/1994
            Acquired Value                                    $  873,344.34
            Current Net Book Value                            $  345,698.77

       1357 1000C Feedline
            Manufacturer                             Automatic Feed Company
            Model                                                       N/A
            Serial Number                                       93105-93140
            In service date                                      09/30/1994
            Acquired Value                                    $1,367,801.00
            Current Net Book Value                            $  531,922.58

       1345 1000 C Bolster
            In service date                                      09/30/1994
            Acquired Value                                    $   53,300.00
            Current Net Book Value                            $   20,727.75

       1347 1000C Digital Scale
            In service date                                      10/01/1994
            Acquired Value                                    $   12,704.25
            Current Net Book Value                            $    4,940.53

       1356 1000C Stacker
            Manufacturer                             Automatic Feed Company
            In service date                                      09/30/1994
            Acquired Value                                    $1,140,324.37
            Current Net Book Value                            $  443,459.48

       1541 1000C Die Cart
            In service date                                      04/01/1997
            Acquired Value                                    $  427,659.94
            Current Net Book Value                            $  255,408.01

       1551 1000C Revision
            In service date                                      05/08/1997
            Acquired Value                                    $    2,500.00
            Current Net Book Value                            $    1,510.43

            Total Workcenter 25
            Acquired Value                                    $3,877,633.90
            Current Net Book Value                            $1,603,667.55
                                                              =============

<PAGE>

                                   Exhibit "A"

                                  BILL OF SALE

     This Bill of Sale ("Bill of Sale") dated as of the _____ day of __________,
2002, is made and delivered pursuant and subject to the terms of a Purchase
Agreement ("Agreement") dated [an even date herewith], by and between MTD
PRODUCTS INC, an Ohio corporation ("MTD") and SHILOH CORPORATION, an Ohio
corporation ("Shiloh"). Capitalized terms used in this Bill of Sale that are not
defined herein shall have the same meaning ascribed to them in the Agreement.

                              W I T N E S S E T H:

     WHEREAS, MTD and Shiloh are parties to the Agreement, which by this
reference is incorporated into and made a part of this Bill of Sale, pursuant to
which Shiloh has agreed to sell, convey, assign, transfer and deliver to MTD the
Purchased Assets as defined in the Purchase Agreement and MTD has agreed to
acquire the same; and

     WHEREAS, Shiloh desires to execute and deliver this Bill of Sale in
furtherance of the Agreement.

     NOW, THEREFORE, for the consideration set forth in the Agreement and other
good and valuable consideration had and received, the receipt and sufficiency of
which are hereby acknowledged, Shiloh does hereby grant, bargain, sell, convey,
transfer and assign unto and vest in MTD, its successors and assigns, all of
Shiloh's right, title and interest in and to the Purchased Assets, as defined in
the Agreement.

     TO HAVE AND TO HOLD, all and singular, the Purchased Assets hereby granted,
bargained, sold, conveyed, transferred and assigned to and vested in, as
applicable, MTD, its successors and assigns, to and for its and their use and
benefit forever. Shiloh hereby covenants that it will not execute any instrument
or grant or transfer any rights or interest inconsistent with the rights and
interest granted herein.

     Reference is hereby made to the Agreement for a complete description of the
Purchased Assets and a complete statement of all representations and warranties
made by or attributable to Shiloh in respect of the Purchased Assets.

     Shiloh further agrees to execute and deliver to MTD such further
instruments of transfer and assignment as MTD may from time to time reasonably
request in order to transfer, assign to and vest in MTD the Purchased Assets.

<PAGE>

     IN WITNESS WHEREOF, each of MTD and Shiloh have caused this instrument to
be executed by its duly authorized officer on the date first written above.

                                   SHILOH CORPORATION

                                   By:    ______________________________________
                                   Name:  ______________________________________
                                   Title: ______________________________________

                                   MTD PRODUCTS INC

                                   By:    ______________________________________
                                   Name:  ______________________________________
                                   Title: ______________________________________

                      GUARANTEE OF SHILOH INDUSTRIES, INC.

     As the sole shareholder of Shiloh Corporation, Shiloh Industries, Inc.
acknowledges the receipt of benefits pursuant to the Agreement and guarantees
the obligations of Shiloh Corporation, as set forth in this Bill of Sale.

                                   SHILOH INDUSTRIES, INC.

                                   By:    ______________________________________
                                   Name:  ______________________________________
                                   Title: ______________________________________

                                     -2-

<PAGE>

                                   Exhibit "B"

UCC FINANCING STATEMENT
FOLLOW INSTRUCTIONS (front and back) CAREFULLY

<TABLE>
<S>                                                                                <C>
---------------------------------------------------------------------------
A. NAME & PHONE OF CONTACT AT FILER [optional]

---------------------------------------------------------------------------
B. SEND ACKNOWLEDGMENT TO: (Name and Address)

       ------------                                           -----------

       Wegman, Hessler & Vanderburg
       6055 Rockside Woods Boulevard, Suite 200
       Cleveland, Ohio 44131-2302
       Attention: Steven E. Pryatel, Esq.

       ------------                                           -----------
                                                                                   THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
------------------------------------------------------------------------------------------------------------------------------------
1. DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (1a or 1b) - do not abbreviate or combine names
------------------------------------------------------------------------------------------------------------------------------------
     1a. ORGANIZATION'S NAME
OR   Shiloh Corporation
     -------------------------------------------------------------------------------------------------------------------------------
     1b. INDIVIDUAL'S LAST NAME                                         FIRST NAME                        MIDDLE NAME        SUFFIX

     -------------------------------------------------------------------------------------------------------------------------------
1c. MAILING ADDRESS                                                     CITY                              STATE  POSTAL CODE COUNTRY
5389 West 130th Street                                                  Cleveland                         OH     44130       USA
------------------------------------------------------------------------------------------------------------------------------------
1d. TAX ID #: SSN OR EIN       ADD'L INFO RE  1e. TYPE OF ORGANIZATION  1f. JURISDICTION OF ORGANIZATION  1g. ORGANIZATIONAL ID #,
                               ORGANIZATION                                                                   if any
34-0775101                     DEBTOR             Corporation               Ohio                              OH 242205   [_] none
------------------------------------------------------------------------------------------------------------------------------------
2. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (2a or 2b) - do not abbreviate or combine names
     -------------------------------------------------------------------------------------------------------------------------------
     2a. ORGANIZATION'S NAME

     -------------------------------------------------------------------------------------------------------------------------------
OR   2b. INDIVIDUAL'S LAST NAME                                         FIRST NAME                        MIDDLE NAME        SUFFIX

     -------------------------------------------------------------------------------------------------------------------------------
2c. MAILING ADDRESS                                                     CITY                              STATE  POSTAL CODE COUNTRY

------------------------------------------------------------------------------------------------------------------------------------
2d. TAX ID #: SSN OR EIN       ADD'L INFO RE  2e. TYPE OF ORGANIZATION  2f. JURISDICTION OF ORGANIZATION  2g. ORGANIZATIONAL ID #,
                               ORGANIZATION                                                                   if any
                               DEBTOR                                                                                   [_]  none
------------------------------------------------------------------------------------------------------------------------------------
3. SECURED PARTY'S NAME (or NAME of TOTAL ASSIGNEE of ASSIGNOR S/P) - insert only one secured party name (3a or 3b)
    --------------------------------------------------------------------------------------------------------------------------------
    3a. ORGANIZATION'S NAME
    MTD Products Inc
    --------------------------------------------------------------------------------------------------------------------------------
OR  3b. INDIVIDUAL'S LAST NAME                                          FIRST NAME                        MIDDLE NAME        SUFFIX

    --------------------------------------------------------------------------------------------------------------------------------
3c. MAILING ADDRESS                                                     CITY                              STATE  POSTAL CODE COUNTRY
5965 Grafton Road                                                       Valley City                       OH     44280       USA
------------------------------------------------------------------------------------------------------------------------------------
4. This FINANCING STATEMENT covers the following collateral:
See attached Exhibit A.

------------------------------------------------------------------------------------------------------------------------------------
5. ALTERNATIVE DESIGNATION [if applicable]:  [_] LESSEE/LESSOR  [_] CONSIGNEE/CONSIGNOR  [_] BAILEE/BAILOR   [_] SELLER/BUYER
                                             [_] AG. LIEN       [_] NON-UCC FILING
------------------------------------------------------------------------------------------------------------------------------------
6.    This FINANCING STATEMENT is to be filed [for record]        7. Check to REQUEST SEARCH REPORT(S) on Debtor(s)  [_] All Debtors
  [X] (or recorded) in the REAL ESTATE RECORDS. Attach Addendum                                                      [_] Debtor 1
                                                  [if applicable] [optional]   [ADDITIONAL FEE]                      [_] Debtor 2
------------------------------------------------------------------------------------------------------------------------------------
8. OPTIONAL FILER REFERENCE DATA

------------------------------------------------------------------------------------------------------------------------------------
FILING OFFICE COPY-- NATIONAL UCC FINANCING STATEMENT (FORM UCC1) (REV. 07/29/98)
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                 <C>
     UCC FINANCING STATEMENT ADDENDUM
     -------------------------------------------------------------------------------
     FOLLOW INSTRUCTIONS (front and back) CAREFULLY
     -------------------------------------------------------------------------------
     9. NAME OF FIRST DEBTOR (1a or 1b) ON RELATED FINANCING STATEMENT
            ------------------------------------------------------------------------
             9a. ORGANIZATION'S NAME
          OR Shiloh Corporation
            ------------------------------------------------------------------------
             9b. INDIVIDUAL'S LAST NAME           FIRST NAME   MIDDLE NAME, SUFFIX

     -------------------------------------------------------------------------------
     10. MISCELLANEOUS:

                                                                                    THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
     -------------------------------------------------------------------------------------------------------------------------------
     11. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only one name (11a or 11b) - do not abbreviate or combine names
            ------------------------------------------------------------------------------------------------------------------------
             11a. ORGANIZATION'S NAME
     OR
            ------------------------------------------------------------------------------------------------------------------------
             11b. INDIVIDUAL'S LAST NAME                                 FIRST NAME        MIDDLE NAME                SUFFIX

            ------------------------------------------------------------------------------------------------------------------------
     11c. MAILING ADDRESS                                                CITY              STATE        POSTAL CODE   COUNTRY

     -------------------------------------------------------------------------------------------------------------------------------
     11d. TAX ID #: SSN OR EIN    ADD'L INFO RE   11e. TYPE OF ORGANIZATION 11f. JURISDICTION OF   11g. ORGANIZATIONAL
                                  ORGANIZATION                                   ORGANIZATION           ID #, if any
                                  DEBTOR                                                                               [_] none
     -------------------------------------------------------------------------------------------------------------------------------
     12. [_] ADDITIONAL SECURED PARTY'S  or[_]  ASSIGNOR S/P'S NAME - insert only one name (12a or 12b)
                                         --
            ------------------------------------------------------------------------------------------------------------------------
             12a. ORGANIZATION'S NAME

            ------------------------------------------------------------------------------------------------------------------------
             12b. INDIVIDUAL'S LAST NAME                                 FIRST NAME        MIDDLE NAME                SUFFIX

     -------------------------------------------------------------------------------------------------------------------------------
     12c. MAILING ADDRESS                                                CITY              STATE        POSTAL CODE   COUNTRY

     -------------------------------------------------------------------------------------------------------------------------------
     13. This FINANCING STATEMENT covers                                 16. Additional collateral description:
          [_] timber to be cut or  [_] as-extracted collateral, or
          [X] fixture filing.          is filed as a

     14. Description of real estate:
     See attached Exhibit B.

     15. Name and address of a RECORD OWNER of above-described real
     estate (if Debtor does not have a record interest):

                                                                                ----------------------------------------------------
                                                                                17. Check only if applicable and check only one box.
                                                                                Debtor is a [_] Trust or [_] Trustee acting with
                                                                                                             respect to property
                                                                                                             held in trust or
                                                                                 [_] Decedent's Estate
                                                                                ----------------------------------------------------
                                                                                18. Check only if applicable and check only one box.

                                                                                    [_] Debtor is a TRANSMITTING UTILITY
                                                                                    [_] Filed in connection with a Manufactured-Home
                                                                                        Transaction -- effective 30 years
                                                                                    [_] Filed in connection with a Public-Finance
                                                                                        Transaction -- effective 30 years
     -------------------------------------------------------------------------------------------------------------------------------
     FILING OFFICE COPY-- NATIONAL UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad) (REV. 07/29/98)
</TABLE>

<PAGE>

                                    Exhibit A

Asset
 No.       Description

315        15A Press (Workcenter 19)
           Manufacturer                                         Danly
           Model                                      SC2-1500-132-84
           Serial Number                                     71297801

1840       15A Feedline
           Manufacturer                        Automatic Feed Company
           Model                                                  N/A
           Serial Number                                  98001-98020

1233       15A Gear work

1319       15A Motor

1926       15A Feedline rebuild

1311       2000 Ton Press (Workcenter 24)
           Manufacturer                                        Niagra
           Model                                      SE4-2000-144-90
           Serial Number                                       P53805

1313       2000 Ton Automatic Feedline
           Manufacturer                        Automatic Feed Company
           Serial Number                                  92022-92029

1488       2000 Ton Motor Rebuild

1844       2000 Ton straightener roll

1354       1000C Press (Workcenter 25)
           Manufacturer                                      Clearing
           Model                                       S4-1000-200-80
           Serial Number                                      10-4501

1357       1000C Feedline
           Manufacturer                        Automatic Feed Company
           Model                                                  N/A
           Serial Number                                  93105-93140

1345       1000 C Bolster

<PAGE>

                             Exhibit A (Continued)

1347       1000C Digital Scale

1356       1000C Stacker
           Manufacturer                  Automatic Feed Company

1541       1000C Die Cart

1551       1000C Revision

<PAGE>

                                    EXHIBIT B

Situated in the City of Mansfield, County of Richland, and State of Ohio and
being a part of the Northwest Quarter Section 23, Township 21, Range 18, more
particularly bounded and described as follows:

Commencing in the centerline of Grace Street at the Northwest Corner of said
Northwest Quarter Section 23; thence South 90 degrees East with said centerline
and the North line of said Quarter a distance of 692.90 feet; thence South 0
degrees 38 minutes 09 seconds West a distance of 30.00 feet to an iron pin in
the south right-of-way line of Grace Street the place of beginning; thence
continuing South 0 degrees 38 minutes 09 seconds West a distance of 1582.52 feet
to an iron pin in an existing property corner; thence South 89 degrees 17
minutes 20 seconds East a distance of 192.54 feet to an iron pin; thence North 0
degrees 38 minutes 09 seconds East a distance of 1584.91 feet to an iron pin in
the south right-of-way line of Grace Street; thence North 90 degrees West with
said South right of way line a distance of 192.56 feet to the Place of Beginning
containing 7.00 acres according to survey by Justin A. Seiler Registered
Surveyor #4421 on May 28, 1987 but subject to all legal highways and easements
of record.
PARCEL NO. 028-90-023-02-001

AND

Situated in the City of Mansfield, County of Richland, State of Ohio and being a
part of the Northwest Quarter of Section 23, Township 21 North, Range 18 West,
more fully described as follows:

Commencing in the centerline of Grace Street at the northwest corner of said
quarter. Thence, South 90 degrees East with said centerline and the north line
of said quarter a distance of 885.46 feet; Thence, South, 0 degrees 38 minutes
09 seconds West, passing through an iron pin found at 30.00 feet marking an
existing property corner at the southerly right of way of Grace Street, a total
distance of 566.91 feet to an iron pin set, the Place of Beginning;

Thence, continuing South 0 degrees 38 minutes 09 seconds West with an existing
property line, a distance of 1048.00 feet to an iron pin found at an existing
property corner:

Thence, South 89 degrees 17 minutes 20 seconds East a distance of 56.00 feet to
an iron pin set;

Thence, North 2 degrees 25 minutes 22 seconds West a distance of 1049.57 feet to
the Place of Beginning, containing 0.674 of an acre, according to survey by
Justin A. Seiler, Registered Surveyor #4421 on December 1, 1987;

The grantee, its successors and assigns does hereby covenant and agree that the
parcel of land described in this instrument will not be conveyed independently
and separately from any adjoining or contiguous parcel fronting on a public
street without the approval of the City of Mansfield Planning Commission.

<PAGE>

Iron pins set (and found) are 5/8" rods with caps stamped "Seiler, 4421".
Bearings are based on an assumed median.
PARCEL NO. 028-90-023-02-002

AND

Situated in the Township of Madison, County of Richland, and State of Ohio:

And being situated in the N.W. Quarter of Section 23, T. 21, R 18 of Madison
Township, Richland County, Ohio, and beginning at a point on the East boundary
line of Brookline Allotment, at the Northeast corner of lot number 378; thence
East and parallel to the centerline of Grace Street, 194.9 feet; thence South
and parallel to the East boundary line of Brookline Allotment 500 feet; thence
West and parallel to the centerline of Grace Street, 194.9 feet to the East
boundary line of Brookline Allotment; thence North, along said East boundary
line, 500 feet to the place of beginning, containing 2.23 acres of land, more or
less.
PARCEL NO. 028-90-106-12-000

AND

Situated in the Township of Madison, County of Richland, and State of Ohio:

Situated in the N.W. Quarter of Section 23, T 21, R 18 of Madison Township,
Richland County, Ohio, and being a part of the Virgil Cates property and begin
further described as follows:

Beginning at a point on the East boundary line of Brookline Allotment, 500 feet
South from the Northeast corner of Lot No. 378; thence East and parallel to the
centerline of Grace Street, 194.9 feet; thence South and parallel to the East
line of Brookline Allotment, 447 feet; thence West and parallel to the
centerline of Grace Street, 194.9 feet to the East line of Brookline Allotment;
thence North along said East line, 447 feet to the place of beginning,
containing 2.0 acres of land, more or less, as surveyed by Phillip Marcus, Reg.
Surveyor No. 4518.

AND

Situated in the N.W. Quarter of Section 23, T 21, R 18 of Madison Township,
Richland County, Ohio and being a part of the Virgil Cates property and being
further described as follows:

Beginning at a point on the East boundary line of Brookline Allotment, 947 feet
South from the N.E. corner of Lot No. 378, said beginning point being 15.4 feet
North from the S.E. corner of Lot No. 361; thence East and parallel to the
centerline of Grace Street, 194.9 feet; thence South and parallel to the East
line of Brookline Allotment, 477.4 feet; thence West and parallel to the
centerline of Grace Street, 194.9 feet to the East line of Brookline Allotment
at the S.E. corner of Lot No. 352; thence North, along said East line, 477.4
feet to the Place of Beginning.

Containing 2.136 acres of land, more or less as surveyed by Phillip Marcus,
Registered Surveyor No. 4518. Premises now located in the City of Mansfield,
County of Richland and State of Ohio.
PARCEL NO. 028-90-106-11-000

                                      -2-

<PAGE>

B:

Situated in the Township of Madison, County of Richland, and State of Ohio:

PARCEL 1: Situated in the Northwest Quarter of Section 23, Township 21, Range 18
of Madison Township, Richland County, Ohio, and being further described as
follows: Commencing at a point on the east line of Ninth Avenue, 20 feet north
from the northwest corner of Lot No. 363 of Brookline Allotment, recorded in
Plat Book 11, page 5; thence east with an interior angle of 90 degrees 18 feet
to the true place of beginning; thence north with an interior angle of 90
degrees 10 feet; thence east with an interior angle of 90 degrees 229.36 feet;
thence south with an interior angle of 90 degrees 10 feet; thence west with an
interior angle of 90 degrees 229.36 feet to the place of beginning. Containing
0.053 acres of land and being subject to all easements of record, according to
survey by Phillip Marcus, Registered Surveyor No. 4518, dated July 5, 1978. This
parcel is now located in the City of Mansfield, Ohio.

PARCEL 2: Situated in the Northwest Quarter of Section 23, Township 21, Range 18
of Madison Township (now the City of Mansfield), Richland County, Ohio, and
being further described as follows: Commencing at a point on the east line of
Brookline Allotment 463.33 feet south from the northwest corner of Lot No. 378
(now known as Lot No. 20919); thence west with an interior angle of 90 degrees
103 feet to a point 18 feet east from the east line of Ninth Avenue; thence
south parallel to said east line 322.33 feet to the place of beginning for the
parcel herein conveyed; thence east with an interior angle of 90 degrees 259.36
feet; thence south with an interior angle of 90 degrees 20 feet; thence west
with an interior angle of 90 degrees 267.36 feet to the east line of Ninth
Avenue; thence north along said east line 20 feet; thence east with an interior
angle of 90 degrees 18 feet to the place of beginning.

                                      -3-<PAGE>

                                                                    Exhibit 10.2

                               PURCHASE AGREEMENT

     This Purchase Agreement ("Agreement") is made and entered into effective as
of the 10th day of May, 2002, by and between MTD PRODUCTS INC, an Ohio
corporation ("Buyer") and SHILOH AUTOMOTIVE, INC., an Ohio corporation
("Seller").

     WHEREAS, Seller is engaged in the business of manufacturing and selling
certain automotive and outdoor power equipment parts to certain OEM's and
suppliers to the OEM's (the "Business"); and

     WHEREAS, Seller desires to sell to Buyer and Buyer desires to acquire from
Seller certain assets of the Business as hereinafter specifically identified, on
the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound, the parties hereby agree as
follows:

     1.   Purchased Assets. Seller hereby agrees to grant, bargain, sell,
convey, transfer and assign all of its right, title and interest it may have in
the following assets: the two (2) lawnmower blade lines and related equipment
set forth on Schedule One attached hereto ("Blade Lines") (the identified Blade
Lines are sometimes herein also referred to as the "Purchased Assets"). Upon
transfer of the Blade Lines hereunder, Seller will execute and deliver to Buyer
the Bill of Sale in the form attached hereto as Exhibit "A".

     2.   Purchase Price. The purchase price shall be Two Million Dollars
($2,000,000). Such amount shall be paid by Buyer to Seller via wire transfer at
the time of Closing.

     3.   Condition of Purchased Assets. Seller represents and warrants that the
Purchased Assets are in good operating and physical condition, ordinary wear and
tear, excepted, and have been maintained in all material respects in compliance
with applicable manufacturers' operating guidelines.

     4.   Title. Seller is the sole owner of the Purchased Assets. Except for
the lien of JPMorgan Chase Bank, as Agent for Seller's secured lenders
("JPMorgan"), Seller has good and marketable title to the Purchased Assets free
and clear of any and all liens and encumbrances. At Closing, Seller will provide
to Buyer duly executed Uniform Commercial Code Form 3's reflecting
amendments/partial releases of JPMorgan, as Agent, with regard to the Purchased
Assets.

     5.   Location of Purchased Assets. The Blade Lines are currently located at
Seller's manufacturing facility located at 5389 West 130th Street, Cleveland,
Ohio (the "Facility"). The Purchased Assets shall remain in the Facility as
further set forth in the Manufacturing Supply Agreement executed simultaneously
herewith.

<PAGE>

     6.   UCC Filings. Seller will acknowledge the transfer of title of the
Purchased Assets from Seller to Buyer and will execute appropriate UCC Financing
Statements to record the ownership of the Purchased Assets in the Buyer,
including such UCC Financing Statements in the form attached hereto as Exhibit
"B". This Agreement shall constitute a Security Agreement for purposes of the
UCC.

     7.   Closing. The Closing will occur on or about May 10, 2002.

     8.   No Assumed Liabilities. Buyer will not assume any liabilities with
regard to any purchase orders which Seller may have in place which utilize the
Purchased Assets.

     9.   Prior Agreements Superseded. This Agreement and the Manufacturing
Supply Agreement constitutes the sole and only agreement of the parties with
regard to the subject matter herein and supersedes any prior understanding or
written or oral agreements between the parties respecting such subject matter.

     10.  Parties Bound. Neither party may assign this Agreement without the
consent of the other party. This Agreement shall be binding on and inure to the
benefit of the parties and their respective successors, and assigns when
permitted by this contract.

     11.  Governing Law. The Agreement shall be construed under the laws of the
State of Ohio.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective as
of the date set forth above.

                                   Seller
                                   SHILOH AUTOMOTIVE

                                   By:     /s/ Steven E. Graham
                                           -------------------------------------
                                   Title:  CHIEF FINANCIAL OFFICER
                                           -------------------------------------

                                   Buyer
                                   MTD PRODUCTS INC

                                   By:     /s/ Ronald C. Houser
                                           -------------------------------------
                                   Title:  EXECUTIVE VICE PRESIDENT AND
                                           -------------------------------------
                                           CHIEF FINANCIAL OFFICER
                                           -------------------------------------

                                      -2-

<PAGE>

                      GUARANTEE OF SHILOH INDUSTRIES, INC.

     As the sole shareholder of Shiloh Automotive, Inc., Shiloh Industries, Inc.
acknowledges the receipt of benefits pursuant to the Agreement and guarantees
the obligations of Shiloh Automotive, Inc. as set forth in this Agreement.

                                   SHILOH INDUSTRIES, INC.

                                   By:     /s/ Steven E. Graham
                                           -------------------------------------
                                   Title:  CHIEF FINANCIAL OFFICER
                                           -------------------------------------

                                      -3-

<PAGE>

                                  SCHEDULE ONE

---------- ------- -------------------------------------------------------------
   Item #   Qty.                        Description
---------- ------- -------------------------------------------------------------
    1552    Lot-   Blade Line No. 1 (New 1997), Consisting of:
                           . Williams & White 600 Ton Gib Guided Straight Side
                           Hydraulic Press, S/N C-4733 (New 1997), 600 ton, 72"
                           x 60" Bed Area, 16" Stroke, 36" Daylight, 1200" IPM,
                           Advance 20 to 240 IPM Pressing an1200 IPM Return, 300
                           HP, 8-Point Gibbing Flush Floor Design, Trabon Lube
                           System, Complete with Atlas Technology AC  Servo Part
                           Transfer and Conveyor System, with PLC Controls,
                           Hydraulic Die and Conveyor System, with PLC Controls,
                           Hydraulic Die Clamping Top and Bottom Platens and
                           Perfecto Press Mounted Servo Feed
                           . (2) Setco 3-Axis Vertical Milling Stations,
                             Permanently Inclined, with Magnetic Scrap Conveyors
                             and Cutler Hammer Panelmate PLC Controls, Mounted
                             on Common Base
                           . Perfecto Cabinet Mounted Servo Feeder, S/N 97160,
                             with Separate Control.
                           . Perfecto Model S280411 Stock Straightener,
                             S/N97158, 7-Roll Straightener with (2) Sets
                             Hydraulic Pinch Rolls, Drop Away Threading Table,
                             Hydraulic Stock Peeler, Hydraulic Drive, Panelmate
                             PLC Controller
                           . Perfecto Model RDO472-12 Double End Power Driven
                             Coil Reel, S/N 97157, 4,000 LB x 12" Capacity, 72"
                             OD, 20" to 24" ID, Swivel Base and Hydraulic Hold
                             Down
                           . Upton Industries Model DG2574 7A-Auto Power
                             6-Station Heat Treating Line, Station 1 Preheat,
                             Station 2 High Heat, Station 3 Quench, Station 4
                             Hot Oil, Station 5 Hot Wash, Station 6 Oil Dip, Gas
                             Heated, Carousel Load and Unload Stations,
                             Honeywell Controllers, Eaton Panelmate PLC
                             Controllers
                           . (2) Custom Designed and Fabricated Blade
                             Straightening and Balance Stations, Automatic
                             Hydraulic Operated Down Acting Ram, with Auto
                             Conveyor Loader and Unloader, Cutler Hammer
                             Panelmate PLC Control, Custom Designed and
                             Fabricated for Blade Production
--------------------------------------------------------------------------------

<PAGE>

                            SCHEDULE ONE-(continued)

---------- ------- -------------------------------------------------------------
   Item #   Qty.                        Description
---------- ------- -------------------------------------------------------------
    1555    Lot-   Blade Line No. 2, Consisting of:
                          .  USI Clearing 250 Ton Open Back Inclinable Press,
                             S/N 54- 1472, 250 Ton, 12" Throat, 26" Shut Height,
                             6" Adjustment, 30 SPM, 50" x 30" Bed Area,
                             Cushions, T-Slotted Ram, Air Clutch, Air
                             Counterbalance
                          .  Niagra Model SE2-200-60-36 2-Point Straight Side
                             Press, S/N42231, 200 ton, 60" x 36" Bed Area, 12"
                             Stroke, 38" Shut Height, 12" Adjustment, 30 SPM, No
                             Windows, Flush Floor, T-Slotted Ram, Air Clutch
                          .  (2) Setco Model SHL15FRY 3-Axis Permanently
                             Inclined Vertical Milling Machine, S/N 16415, both
                             Mounted on Common Base
                          .  Littel Servo Feeder, S/N 90086-90, with Unico
                             Control Console
                          .  Littel Model 408E-7PD Coil Stock Straightener, S/N
                             90087-90, 7-Roll Straightener with (2) Sets
                             Hydraulic Pinch Rolls, 8" x 200" Capacity, Variable
                             Speed, Threading Table, Trabon Lube System
                          .  Littel Model 40-12 Double End Coil Reel, S/N
                             90088-90, 4,000 LB x 12" Capacity, Plain Type, 72"
                             OD, Air Brake, Swivel Head, Manual Expansion,
                             Separate Mounted Pneumatic Hold Down
                          .  Upton Model P-2475-6A 6-Station Heat Treating Line,
                             with Wash, Hot Rinse, High Heated Quench, Risen and
                             Oil Cycles, Honeywell Controllers, Gas Heated,
                             Carousel Load and Unload
                          .  (3) Independent Blade Straightening and Balancing
                             Stations, Customer Designed and Fabricated for
                             Balancing Lawn Mower Blades
                          .  OTHER BLADE LINE ASSETS
                          .  Die Work On Blade Line
                          .  Press #283 200T Rebuild Drive Ass'y
                          .  Panel/Build Wiring-Blade Line
                          .  2 Salt Bath Furnaces Model #4A-42-30-50-SB-2737
                             and B-2738 and Install
                          .  Blade Line-Install Furnace
                          .  1/4 Ton Chain Hoist-Blade Line
                          .  Spindle-Blade Line
                          .  Replace Festoon Trolleys-Crane 136B
                          .  Assemble New Milling Machine on Blade Line
                          .  Repair Gear Box-Blade Line
                          .  Rebuild AC Drive 50A, 460V
                          .  Replace Allen Bradley AB136 Ser #10351
                          .  Rebuild 3P Unit-Old Heat Treat Line
                          .  Rebuild Clutch Drive-250T Press 54-1470
                          .  Blade Line-Electronic Drive Old Line Coil Feed
                          .  Salt Bath Furnace #B-2747
                          .  160 KVA Spare Transformer

--------------------------------------------------------------------------------

Applicable Purchase Price: $2,000,000.00

<PAGE>

                                   Exhibit "A"

                                  BILL OF SALE

     This Bill of Sale ("Bill of Sale") dated as of the _____ day of _________,
2002, is made and delivered pursuant and subject to the terms of a Purchase
Agreement ("Agreement") dated [an even date herewith,] by and between MTD
PRODUCTS INC, an Ohio corporation ("MTD") and SHILOH Automotive, Inc., an Ohio
corporation ("Shiloh"). Capitalized terms used in this Bill of Sale that are not
defined herein shall have the same meaning ascribed to them in the Agreement.

                              W I T N E S S E T H:

     WHEREAS, MTD and Shiloh are parties to the Agreement, which by this
reference is incorporated into and made a part of this Bill of Sale, pursuant to
which Shiloh has agreed to sell, convey, assign, transfer and deliver to MTD the
Purchased Assets as defined in the Purchase Agreement and MTD has agreed to
acquire the same; and

     WHEREAS, Shiloh desires to execute and deliver this Bill of Sale in
furtherance of the Agreement.

     NOW, THEREFORE, for the consideration set forth in the Agreement and other
good and valuable consideration had and received, the receipt and sufficiency of
which are hereby acknowledged, Shiloh does hereby grant, bargain, sell, convey,
transfer and assign unto and vest in MTD, its successors and assigns, all of
Shiloh's right, title and interest in and to the Purchased Assets, as defined in
the Agreement.

     TO HAVE AND TO HOLD, all and singular, the Purchased Assets hereby granted,
bargained, sold, conveyed, transferred and assigned to and vested in, as
applicable, MTD, its successors and assigns, to and for its and their use and
benefit forever. Shiloh hereby covenants that it will not execute any instrument
or grant or transfer any rights or interest inconsistent with the rights and
interest granted herein.

     Reference is hereby made to the Agreement for a complete description of the
Purchased Assets and a complete statement of all representations and warranties
made by or attributable to Shiloh in respect of the Purchased Assets.

     Shiloh further agrees to execute and deliver to MTD such further
instruments of transfer and assignment as MTD may from time to time reasonably
request in order to transfer, assign to and vest in MTD the Purchased Assets.

<PAGE>

     IN WITNESS WHEREOF, each of MTD and Shiloh have caused this instrument to
be executed by its duly authorized officer on the date first written above.

                                   SHILOH AUTOMOTIVE, INC.

                                   By:    ______________________________________
                                   Name:  ______________________________________
                                   Title: ______________________________________

                                   MTD PRODUCTS INC

                                   By:    ______________________________________
                                   Name:  ______________________________________
                                   Title: ______________________________________

                      GUARANTEE OF SHILOH INDUSTRIES, INC.

     As the sole shareholder of Shiloh Automotive, Inc., Shiloh Industries, Inc.
acknowledges the receipt of benefits pursuant to the Agreement and guarantees
the obligations of Shiloh Automotive, Inc. as set forth in this Bill of Sale.

                                   SHILOH INDUSTRIES, INC.

                                   By:    ______________________________________
                                   Name:  ______________________________________
                                   Title: ______________________________________

                                      -2-

<PAGE>

                                   Exhibit "B"

UCC FINANCING STATEMENT
FOLLOW INSTRUCTIONS (front and back) CAREFULLY

<TABLE>
<S>                                                                      <C>
---------------------------------------------------------------------------
A. NAME & PHONE OF CONTACT AT FILER [optional]

---------------------------------------------------------------------------
B. SEND ACKNOWLEDGMENT TO: (Name and Address)

       ------------                                           -----------

       Wegman, Hessler & Vanderburg
       6055 Rockside Woods Boulevard, Suite 200
       Cleveland, Ohio 44131-2302
       Attention: Steven E. Pryatel, Esq.

       ------------                                           -----------
                                                                                   THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
------------------------------------------------------------------------------------------------------------------------------------
1. DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (1a or 1b) - do not abbreviate or combine names
------------------------------------------------------------------------------------------------------------------------------------
     1a. ORGANIZATION'S NAME
OR   Shiloh Automotive, Inc.
     -------------------------------------------------------------------------------------------------------------------------------
     1b. INDIVIDUAL'S LAST NAME                                         FIRST NAME                        MIDDLE NAME        SUFFIX

     -------------------------------------------------------------------------------------------------------------------------------
1c. MAILING ADDRESS                                                     CITY                              STATE  POSTAL CODE COUNTRY
5389 West 130th Street                                                  Cleveland                         OH     44130       USA
------------------------------------------------------------------------------------------------------------------------------------
1d. TAX ID #: SSN OR EIN       ADD'L INFO RE  1e. TYPE OF ORGANIZATION  1f. JURISDICTION OF ORGANIZATION  1g. ORGANIZATIONAL ID #,
                               ORGANIZATION                                                                   if any
34-1901339                     DEBTOR             Corporation               Ohio                              OH 1082845  [_] none
------------------------------------------------------------------------------------------------------------------------------------
2. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (2a or 2b) - do not abbreviate or combine names
     -------------------------------------------------------------------------------------------------------------------------------
     2a. ORGANIZATION'S NAME

     -------------------------------------------------------------------------------------------------------------------------------
OR   2b. INDIVIDUAL'S LAST NAME                                         FIRST NAME                        MIDDLE NAME        SUFFIX

     -------------------------------------------------------------------------------------------------------------------------------
2c. MAILING ADDRESS                                                     CITY                              STATE  POSTAL CODE COUNTRY

------------------------------------------------------------------------------------------------------------------------------------
2d. TAX ID #: SSN OR EIN       ADD'L INFO RE  2e. TYPE OF ORGANIZATION  2f. JURISDICTION OF ORGANIZATION  2g. ORGANIZATIONAL ID #,
                               ORGANIZATION                                                                   if any
                               DEBTOR                                                                                   [_]  none
------------------------------------------------------------------------------------------------------------------------------------
3. SECURED PARTY'S NAME (or NAME of TOTAL ASSIGNEE of ASSIGNOR S/P) - insert only one secured party name (3a or 3b)
    --------------------------------------------------------------------------------------------------------------------------------
    3a. ORGANIZATION'S NAME
    MTD Products Inc
    --------------------------------------------------------------------------------------------------------------------------------
OR  3b. INDIVIDUAL'S LAST NAME                                          FIRST NAME                        MIDDLE NAME        SUFFIX

    --------------------------------------------------------------------------------------------------------------------------------
3c. MAILING ADDRESS                                                     CITY                              STATE  POSTAL CODE COUNTRY
5965 Grafton Road                                                       Valley City                       OH     44280       USA
------------------------------------------------------------------------------------------------------------------------------------
4. This FINANCING STATEMENT covers the following collateral:
See attached Exhibit A.

------------------------------------------------------------------------------------------------------------------------------------
5. ALTERNATIVE DESIGNATION [if applicable]:  [_] LESSEE/LESSOR  [_] CONSIGNEE/CONSIGNOR  [_] BAILEE/BAILOR   [_] SELLER/BUYER
                                             [_] AG. LIEN       [_] NON-UCC FILING
------------------------------------------------------------------------------------------------------------------------------------
6.   This FINANCING STATEMENT is to be filed [for record]       7. Check to REQUEST SEARCH REPORT(S) on Debtor(s)  [_] All Debtors
  [X] (or recorded) in the REAL ESTATE RECORDS. Attach Addendum                                                    [_] Debtor 1
                                               [if applicable]  [optional]   [ADDITIONAL FEE]                      [_] Debtor 2
------------------------------------------------------------------------------------------------------------------------------------
8. OPTIONAL FILER REFERENCE DATA

------------------------------------------------------------------------------------------------------------------------------------
FILING OFFICE COPY-- NATIONAL UCC FINANCING STATEMENT (FORM UCC1) (REV. 07/29/98)
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                 <C>
     UCC FINANCING STATEMENT ADDENDUM
     -------------------------------------------------------------------------------
     FOLLOW INSTRUCTIONS (front and back) CAREFULLY
     -------------------------------------------------------------------------------
     9. NAME OF FIRST DEBTOR (1a or 1b) ON RELATED FINANCING STATEMENT
            ------------------------------------------------------------------------
             9a. ORGANIZATION'S NAME
          OR Shiloh Automotive, Inc.
            ------------------------------------------------------------------------
             9b. INDIVIDUAL'S LAST NAME           FIRST NAME   MIDDLE NAME, SUFFIX

     -------------------------------------------------------------------------------
     10. MISCELLANEOUS:

                                                                                    THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
     -------------------------------------------------------------------------------------------------------------------------------
     11. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only one name (11a or 11b) - do not abbreviate or combine names
            ------------------------------------------------------------------------------------------------------------------------
             11a. ORGANIZATION'S NAME
     OR
            ------------------------------------------------------------------------------------------------------------------------
             11b. INDIVIDUAL'S LAST NAME                                 FIRST NAME        MIDDLE NAME                SUFFIX

            ------------------------------------------------------------------------------------------------------------------------
     11c. MAILING ADDRESS                                                CITY              STATE        POSTAL CODE   COUNTRY

     -------------------------------------------------------------------------------------------------------------------------------
     11d. TAX ID #: SSN OR EIN    ADD'L INFO RE   11e. TYPE OF ORGANIZATION 11f. JURISDICTION OF   11g. ORGANIZATIONAL
                                  ORGANIZATION                                   ORGANIZATION           ID #, if any
                                  DEBTOR                                                                               [_] none
     -------------------------------------------------------------------------------------------------------------------------------
     12. [_] ADDITIONAL SECURED PARTY'S  or[_]  ASSIGNOR S/P'S NAME - insert only one name (12a or 12b)
                                         --
            ------------------------------------------------------------------------------------------------------------------------
             12a. ORGANIZATION'S NAME

            ------------------------------------------------------------------------------------------------------------------------
             12b. INDIVIDUAL'S LAST NAME                                 FIRST NAME        MIDDLE NAME                SUFFIX

     -------------------------------------------------------------------------------------------------------------------------------
     12c. MAILING ADDRESS                                                CITY              STATE        POSTAL CODE   COUNTRY

     -------------------------------------------------------------------------------------------------------------------------------
     13. This FINANCING STATEMENT covers                                 16. Additional collateral description:
          [_] timber to be cut or  [_] as-extracted collateral, or
          [X] fixture filing.          is filed as a

     14. Description of real estate:
     See attached Exhibit B.

     15. Name and address of a RECORD OWNER of above-described real
     estate (if Debtor does not have a record interest):
     MTD Products Inc. 5965 Grafton Road, Valley City, Ohio 44280

                                                                                ----------------------------------------------------
                                                                                17. Check only if applicable and check only one box.
                                                                                Debtor is a [_] Trust or [_] Trustee acting with
                                                                                                             respect to property
                                                                                                             held in trust or
                                                                                 [_] Decedent's Estate
                                                                                ----------------------------------------------------
                                                                                18. Check only if applicable and check only one box.

                                                                                    [_] Debtor is a TRANSMITTING UTILITY
                                                                                    [_] Filed in connection with a Manufactured-Home
                                                                                        Transaction -- effective 30 years
                                                                                    [_] Filed in connection with a Public-Finance
                                                                                        Transaction -- effective 30 years
     -------------------------------------------------------------------------------------------------------------------------------
     FILING OFFICE COPY-- NATIONAL UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad) (REV. 07/29/98)
</TABLE>

<PAGE>

                                    Exhibit A

------------- ------- ----------------------------------------------------------
   Item #      Qty.                       Description
------------- ------- ----------------------------------------------------------
    1552       Lot-    Blade Line No. 1 (New 1997), Consisting of:
                              . Williams & White 600 Ton Gib Guided Straight
                              Side Hydraulic Press, S/N   C-4733 (New 1997), 600
                              ton, 72" x 60" Bed Area, 16" Stroke,    36"
                              Daylight, 1200" IPM, Advance 20 to 240 IPM
                              Pressing and 1200 IPM Return, 300 HP, 8-Point
                              Gibbing Flush Floor Design, Trabon Lube System,
                              Complete with Atlas Technology AC     Servo Part
                              Transfer and Conveyor System, with PLC Controls,
                                  Hydraulic Die and Conveyor System, with PLC
                              Controls, Hydraulic Die Clamping Top and Bottom
                              Platens and Perfecto Press Mounted Servo Feed
                              .  (2) Setco 3-Axis Vertical Milling Stations,
                                 Permanently Inclined, with Magnetic Scrap
                                 Conveyors and Cutler Hammer Panelmate PLC
                                 Controls, Mounted on Common Base
                              .  Perfecto Cabinet Mounted Servo Feeder, S/N
                                 97160, with Separate Control.
                              .  Perfecto Model S280411 Stock Straightener,
                                 S/N97158, 7-Roll Straightener with (2) Sets
                                 Hydraulic Pinch Rolls, Drop Away Threading
                                 Table, Hydraulic Stock Peeler, Hydraulic Drive,
                                 Panelmate PLC Controller
                              .  Perfecto Model RDO472-12 Double End Power
                                 Driven Coil Reel, S/N 97157, 4,000 LB x 12"
                                 Capacity, 72" OD, 20" to 24" ID, Swivel Base
                                 and Hydraulic Hold Down
                              .  Upton Industries Model DG2574 7A-Auto Power
                                 6-Station Heat Treating Line, Station 1
                                 Preheat, Station 2 High Heat, Station 3 Quench,
                                 Station 4 Hot Oil, Station 5 Hot Wash, Station
                                 6 Oil Dip, Gas Heated, Carousel Load and Unload
                                 Stations, Honeywell Controllers, Eaton
                                 Panelmate PLC Controllers
                              .  (2) Custom Designed and Fabricated Blade
                                 Straightening and Balance Stations, Automatic
                                 Hydraulic Operated Down Acting Ram, with Auto
                                 Conveyor Loader and Unloader, Cutler Hammer
                                 Panelmate PLC Control, Custom Designed and
                                 Fabricated for Blade Production
--------------------------------------------------------------------------------

<PAGE>

                              Exhibit A (Continued)

------------- ------- ----------------------------------------------------------
   Item #      Qty.                       Description
------------- ------- ----------------------------------------------------------
    1555       Lot-    Blade Line No. 2, Consisting of:
                              .  USI Clearing 250 Ton Open Back Inclinable
                                 Press, S/N 54- 1472, 250 Ton, 12" Throat, 26"
                                 Shut Height, 6" Adjustment, 30 SPM, 50" x 30"
                                 Bed Area, Cushions, T-Slotted Ram, Air Clutch,
                                 Air Counterbalance
                              .  Niagra Model SE2-200-60-36 2-Point Straight
                                 Side Press, S/N42231, 200 ton, 60" x 36" Bed
                                 Area, 12" Stroke, 38" Shut Height, 12"
                                 Adjustment, 30 SPM, No Windows, Flush Floor, T-
                                 Slotted Ram, Air Clutch
                              .  (2) Setco Model SHL15FRY 3-Axis Permanently
                                 Inclined Vertical Milling Machine, S/N 16415,
                                 both Mounted on Common Base
                              .  Littel Servo Feeder, S/N 90086-90, with Unico
                                 Control Console
                              .  Littel Model 408E-7PD Coil Stock Straightener,
                                 S/N 90087-90, 7-Roll Straightener with (2) Sets
                                 Hydraulic Pinch Rolls, 8" x 200" Capacity,
                                 Variable Speed, Threading Table, Trabon Lube
                                 System
                              .  Littel Model 40-12 Double End Coil Reel, S/N
                                 90088-90, 4,000 LB x 12" Capacity, Plain Type,
                                 72" OD, Air Brake, Swivel Head, Manual
                                 Expansion, Separate Mounted Pneumatic Hold Down
                              .  Upton Model P-2475-6A 6-Station Heat Treating
                                 Line, with Wash, Hot Rinse, High Heated Quench,
                                 Risen and Oil Cycles, Honeywell Controllers,
                                 Gas Heated, Carousel Load and Unload
                              .  (3) Independent Blade Straightening and
                                 Balancing Stations, Customer Designed and
                                 Fabricated for Balancing Lawn Mower Blades
                              .  OTHER BLADE LINE ASSETS
                              .  Die Work On Blade Line
                              .  Press #283 200T Rebuild Drive Ass'y
                              .  Panel/Build Wiring-Blade Line
                              .  2 Salt Bath Furnaces Model #4A-42-30-50-SB-2737
                                 and B-2738 and Install
                              .  Blade Line-Install Furnace
                              .  1/4 Ton Chain Hoist-Blade Line
                              .  Spindle-Blade Line
                              .  Replace Festoon Trolleys-Crane 136B
                              .  Assemble New Milling Machine on Blade Line
                              .  Repair Gear Box-Blade Line
                              .  Rebuild AC Drive 50A, 460V
                              .  Replace Allen Bradley AB136 Ser #10351
                              .  Rebuild 3P Unit-Old Heat Treat Line
                              .  Rebuild Clutch Drive-250T Press 54-1470
                              .  Blade Line-Electronic Drive Old Line Coil Feed
                              .  Salt Bath Furnace #B-2747
                              .  160 KVA Spare Transformer

--------------------------------------------------------------------------------

<PAGE>

                                                                               .
                                   Exhibit B.

                       5389 W. 130th Street, Cleveland OH

                               Description of Land

   The land referred to in this Mortgage is described as follows:

   Parcel No. 1A
   Part of PPN 441-02-001

   Situated in the City of Parma, County of Cuyahoga and State of Ohio and
   known as being part of Original Parma Township Lot No. 22, Tuckerman Tract
   and bounded and described as follows:

   Beginning in the center line of West 130th Street, formerly Settlement Road,
   (60 feet wide) at a point distant 366.03 feet from the Northwesterly corner
   of said Original Lot No. 22;

   Thence Northerly along said center line of West 130th Street, 95.08 feet to
   the Southwesterly corner of a parcel of land conveyed to Anna E, Dahn by deed
   dated September l0,1925 and recorded in Volume 3378, Page 635 of Cuyahoga
   County Records;

   Thence Easterly along the Southerly line of land so convey to Anna E. Dahn,
   851.82 feet to the Northwesterly line of the right of way of The Cleveland
   Lorain and Wheeling Railroad;

   Thence Northeasterly along said Northwesterly line 222.97 feet to the
   Northerly line of said Original Lot No. 22;

   Thence South 89(Degrees) 10' 30" East along said line and passing through to
   said right of way of The Cleveland Lorain and Wheeling Railroad, 121.88 feet
   to a stone;

   Thence South l(Degrees) 9' West 368.88 feet to a stone;

   Thence North 89(Degrees) 3" West 1068.77 feet to the place of beginning be
   the same more or less, but, subject to all legal highways

   Excepting from the above described premises .655 of an acre of land deeded to
   of The Cleveland Lorain and Wheeling Railroad by deed dated March 6; 1894 and
   recorded in Volume 581, Page 140 of Cuyahoga County Records.

   Further excepting therefrom that part of West 130th Street widened through
   Journal Entry in Common Pleas Court Case No. 738323 filed May 20,196O.

                                       i

<PAGE>

Parcel No. 1B
Part of PPN 441-02-001

Situated in the City of Parma, County of Cuyahoga and State of Ohio and known as
being part of Original Parma Township Lot No. 22, Tuckerman Tract and bounded
and described as follows:

Beginning in the Northerly line of said Original Lot No. 22 at its intersection
with the center line of West 130th Street as dedicated and recorded on plat in
Volume 130 of Maps, Page 628 of Cuyahoga County Records;

Thence from said place of beginning South 89(Degrees) 10' 10" East along said
Northerly line of said Original Lot No. 22, (said Northerly line being also the
Northerly line of a 5.331 acre parcel of land heretofore conveyed by Bernard
Fink to Anna E. Dahn by deed recorded in Volume 3378, Pages 635 and 636 of
Cuyahoga County Deed Records) 913.06 feet to the Northwesterly line of the right
of way of The Cleveland Lorain and Wheeling Railroad;

Thence South 32(Degrees) 59' 00" West along the Northwesterly line of the right
of way of The Cleveland Lorain and Wheeling Railroad, 222.97 feet to the
Southerly line of said 5.331 acre parcel so conveyed to Anna E. Dahn as
aforesaid;

Thence Southwesterly along said Southerly line, 190.22 feet along the arc of a
circle deflecting to the right having a radius of 473.27 feet and a chord which
bears South 63(Degrees) 06' 10" West, 188.93 feet;

Thence North 88(Degrees) 40' 00" West 661.16 feet to said center line of West
130th Street so dedicated and recorded as aforesaid;

Thence Northeasterly along said center line along a curved line deflecting to
the right 272.56 feet to the place of beginning and containing 5.2616 acres of
land, said curved line having a radius of 1145.92 feet and a chord which bears
North 5(Degrees) 59' 58" East 271.91 feet be the same more or less, but subject
to all legal highways.

Excepting, however, from the above described premises, a parcel of land
containing 0.0715 acres of land heretofore dedicated to public use for highway
purposes as appears on the dedication plat of West 130th Street and recorded in
Volume 130, Page 628 of Cuyahoga County Map Records

Further excepting therefrom that part of West 130th Street widened through
Journal Entry in Common Pleas Court Case No. 738323 filed May 20, 1960.

Parcel No. 1C
Part of PPN 441-02-001

                                       ii

<PAGE>

Situated in the City of Parma, County of Cuyahoga and State of Ohio and known as
being part of Original Parma Township Lot No. 22, Tuckerman Tract and being
further known as part of the land which was conveyed to The Cleveland Trust
Company by deed from Gertrude Gecking and husband dated October 15, 1945 and
recorded in Volume 6001, Page 63 of Cuyahoga County Deed Records said land being
bounded and described as follows:

Beginning at a point in the center line of West 130th Street (formerly
Settlement Road) (60 feet wide) at the Northwesterly corner of the land conveyed
to the The Cleveland Trust Company as aforesaid, said point also being at the
Southwesterly corner of land conveyed to John Wetzel, by deed dated December 16,
1913 and recorded in Volume 1532, Page 464 of Cuyahoga County Deed Records;

Course No. 1 Thence South 89(Degrees) 49'29" East along the Northerly line of
the land conveyed to The Cleveland Trust Company, as aforesaid and being the
Southerly line of land now owned by Theodore Moll, a distance of 717.08 feet to
a point in the Northwesterly line of land conveyed to The Cleveland Lorain and
Wheeling Railway Company, a predecessor of the Baltimore and Ohio Railroad
Company, by deed recorded in Volume 581, Page 140 of Cuyahoga County Deed
Records;

Course 2: Thence South 32(Degrees) 17'20" West along the Northwesterly line of
the land conveyed to The Cleveland Lorain and Wheeling Railway Company, as
aforesaid, a distance of 188.90 feet to a point in a line parallel with and
distant 160 feet by rectangular measurement Southerly from Course No.1;

Course No. 3: Thence North 89(Degrees) 49'29" West along said last mentioned
parallel lines a distance of 617.01 feet to a point in the center line of West
130th Street;

Course No. 4: Thence North 00(Degrees) 17'55" East along said center line of
West 130th Street along the Westerly line of said Lot No. 22 a distance of 160
feet to the place of beginning, and containing exclusive of the area within West
130th Street, 2.340 acres more or less according to a survey by George M.
Garrett, Ohio Registered Surveyor No. 826, be the same more or less, but subject
to all legal highways.

Excepting therefrom that part of West 130th Street widened through Journal Entry
in Common Pleas Court Case No. 738323 filed May 20, 1960.

Parcel No. 1D
Part of PPN 441-02-001

Situated in the City of Parma, County of Cuyahoga and State of Ohio and known as
being part of Original Parma Township Lot No. 22, Tuckerman Tract and bounded
and described as follows:

                                      iii

<PAGE>

Beginning at a point in the center line of West 130th Street (formerly
Settlement Road), 60 feet wide, at the Southwesterly corner of the land conveyed
by The Cleveland Trust Company to Theodore Moll by deed dated October 27, 1945
and recorded in Volume 6026, Page 566 of Cuyahoga County Records;

Course No. 1: Thence South 89 (Degrees) 49' 29" East along the Southerly line of
land so conveyed, a distance of 488.94 feet to a point in a line drawn parallel
to and distant 100 by rectangular measurement Northwesterly from the
Northwesterly line of the land conveyed to The Cleveland Lorain and Wheeling
Railway Company, a predecessor of the Baltimore and Ohio Railroad Company, by
deed recorded in Volume 581, Page 140 of Cuyahoga County Deed Records;

Course No. 2: Thence South 32 (Degrees) 17' 20" West along said last mentioned
parallel line a distance of 66.12 feet to a point in a line parallel to and
distant 56 feet by rectangular measurement Southerly from Course No. 1;

Course No. 3: Thence North 89 (Degrees) 49' 29" West along said last mentioned
parallel line a distance of 463.92 feet to a point in the center line of West
130th Street;

Course No. 4: Thence North 00 (Degrees) 17' 55" East along said center line of
West 130th Street along the Westerly line of said Lot No. 22 a distance of 56
feet to the place of beginning and containing exclusive of the area within West
130th Street 58.00 of an acre more or less according to a survey made during
August, 1945 by George M. Garrett, Ohio Registered Surveyor No. 826, be the same
more or less, but subject to all legal highways.

Excepting therefrom that part of West 130th Street widened through Journal Entry
in Common Pleas Court Case No. 738323 filed May 20,1960.

Parcel No. 2
PPN: 441-02-003

Situated in the City of Parma, County of Cuyahoga and State of Ohio and known as
being parts of Original Parma Township Lots Nos. 22, 23, and 24 in the Tuckerman
Tract, together bounded and described as follows:

Beginning at a point in the center line of West 130th Street, formerly
Settlement Road, 60 feet wide, where the same is intersected by the
Southwesterly line of the land conveyed to The Cleveland, Lorain and Wheeling
Railway Company, a predecessor of the Baltimore Ohio Railroad Company by Deed
recorded in Volume 575, Page 141 of Cuyahoga Deed County Records;

Course No. 1: Thence North 00 (Degrees) 17' 55" East along the center line of
West 130th Street, and being along the Westerly line of said Lots Nos. 24, 23
and 22, a distance of 930.46 feet to a point

                                       iv

<PAGE>

in the Southwesterly corner of that certain 0.58 of an acre of land conveyed by
The Cleveland Trust Company to Theodore Moll by Deed dated January 10, 1946, and
being Cuyahoga County Recorder's File No. 3135431, (Volume 6033, Page 155);

Course No. 2: Thence South 89(Degrees) 49' 29" East along the Southerly line of
said land conveyed as last aforesaid a distance of 463.92 feet to a point and
the Southeasterly corner thereof, said point being in a line parallel to and
distant 100 feet by rectangular measurement Northwesterly from the Northwesterly
line of land conveyed to said The Cleveland, Lorain and Wheeling Railway Company
by deed recorded in Volume 581, Page 140 of the Cuyahoga County Deed Records;

Course No. 3: Thence North 32(Degrees) 17' 20" East along said last mentioned
parallel line a distance of 66.12 feet to a point at the Northeasterly corner
said 0.58 of an acre parcel as aforesaid;

Course No, 4: Thence South 89(Degrees) 49' 29" East along the Southerly line of
the land conveyed by The Cleveland Trust Company to Theodore Moll by Deed dated
October 27, 1945 and recorded in Volume 6026, Page 566 of the Cuyahoga County
Deed Records, a distance of 118.07 feet to a point in the Northwesterly line of
the land conveyed to The Cleveland, Lorain and Wheeling Railway Company as last
aforesaid;

Course No. 5: Thence South 32(Degrees) 17' 20" West along the Northwesterly line
of land conveyed to said The Cleveland, Lorain and Wheeling Railway Company as
last aforesaid, a distance of 1164.65 feet to the place of beginning and
containing, exclusive of the area within West 130th Street, 5.743 acres, more or
less, according to as Survey made during August, 1945, by George M, Garrett,
Ohio Registered Surveyor No. 826.

Excepting therefrom that part of West 130th Street widened through Journal Entry
in Common Pleas Court Case No. 738323 filed May 20,1960.

Parcel No. 3
PPN 441-02-002

The entire Southerly 150 feet of the premises described below, from its Easterly
line to its Westerly line, measured at right angles from its Southerly line, as
excepted in the Warranty Deed from MTD Products, Inc. to George E. Roller filed
for record June 1, 1972 and recorded in Volume 13000, Page 565 of Cuyahoga
County Records:

Situated in the City of Parma, County of Cuyahoga and State of Ohio and known as
being part of Original Parma Township Lot No. 21, Tuckerman Tract and bounded
and described as follows:

Beginning on the Southerly line of said Original Parma Township Lot No. 21 at
its intersection with the center line of West 130th Street (formerly Settlement
Road) 60 feet wide;

                                        v

<PAGE>

Thence South 89(Degrees) 58' 57" East along said Southerly line of Original Lot
No. 21, 824.94 feet to the Southwesterly corner of land conveyed to the City of
Parma by deed dated October 15, 1954 and recorded in Volume 8209, Page 317 of
Cuyahoga County Records;

Thence North 0(Degrees) 09' 12" East, 342.54 feet to the Southerly side of
Incinerator Road, 38 feet wide, as dedicated by Volume 172 of Maps, Page 4 of
Cuyahoga County Records;

Thence South 89(Degrees) 42' 22" West, 678.83 feet to said center line of West
130th Street, 60 feet wide;

Thence Southerly along the center line of West 130th Street, 60 feet wide, an
arc distance of 370.83 feet, having a chord of which bears South 23(Degrees) 41'
57" West to the place of beginning.

Excepting therefrom that part conveyed to The Board of County Commissioners of
Cuyahoga County, Ohio, dated September 26, 196O and recorded in Volume 9992,
Page 449 of Cuyahoga County Records.

Further excepting, however, from the above described premises, a parcel of land
dedicated to public use for highway purposes as appears on the dedication plat
of West 130th Street and recorded in Volume 130, Page 628 of Cuyahoga County Map
Records

Parcel No. 4:
Easement Appurtenant to Parcel No.3 described above:

Easement for constructing, maintaining and using a railroad spur track reserved
in the Warranty Deed from The Ridge Manufacturing Company to The City of Parna
dated October 25, 1954 and recorded in Volume 8209, Page 317 of Cuyahoga County
Records and described as Easement No. 3 therein.

                                       vi

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