Amcast Announces Agreement to Purchase Lee Brass.DAYTON, Ohio--(BUSINESS WIRE)--March 27, 1998--Amcast Industrial Corporation (NYSE NYSE See: New York Stock Exchange :AIZ AIZ Lake of the Ozarks, Missouri (Lee C. Fine Memorial Airport) AIZ Air Intercept Zone AIZ Anti Imperialistische Zelle(n) (German: Anti-Imperialistic Cell; now defunct terrorist group) ) announced today that it has entered into an agreement to purchase Lee Brass Company, a privately owned company located in Anniston, Alabama Anniston is a city in Calhoun County in the state of Alabama, United States. As of the 2000 census, the population of the city is 24,276. According to the 2005 U.S. Census estimates, the city had a population of 23,741. . Lee Brass, established in 1919, is a major manufacturer of cast brass products for residential, commercial, and industrial plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum systems. Sales in 1997 were approximately $39 million. The company has 415 employees. The purchase price includes cash and debt assumption totaling approximately $15 million. Commenting on the acquisition, John H. Shuey, Amcast chairman and chief executive officer, said, "The acquisition of Lee Brass is consistent with our strategic plan for growth in the flow control segment. We are building on Amcast's strong plumbing distribution franchise by providing enhanced product line offerings through our Elkhart plumbing products network. Amcast is a leading manufacturer of copper and brass fittings, and we expect our customers to view this increased commitment to their business favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. ." The transaction, which is subject to completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , is expected to be completed in April. Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name FLOW CONTROL PRODUCTS marketed through national distribution channels, and ENGINEERED COMPONENTS for original equipment manufacturers. The company serves the automotive, construction, and industrial sectors. CONTACT: Amcast Industrial Corporation Media contact: Phyllis Naylor, 937/291-7011 Investor contact: Michael Higgins, 937/291-7015 |
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