Amcast Completes Its Acquisition of Speedline.DAYTON, Ohio--(BUSINESS WIRE)--Aug. 20, 1997--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 it had successfully completed its previously announced acquisition of Speedline SpA. Amcast paid approximately $132 million in a combination of cash, Amcast common stock, and debt assumption. Located in an industrial region near Padova, Italy, Speedline is a major European manufacturer of light alloy wheels Alloy wheels are automobile wheels which are made from aluminum or magnesium metal alloy. Alloy wheels differ from normal steel wheels, because of their lighter weight, which improves performance. serving the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . With four plants in northern Italy Northern Italy comprises of two areas belonging to NUTS level 1:
"This action represents a major step forward in achieving Amcast's vision," John Shuey, Amcast president and chief executive officer, said. "We have now established an Amcast presence in a major global market, grown our business by 50 percent, established a stronger strategic position in aluminum wheels, and put the company in a position to significantly expand its presence in performance-critical aluminum components for the European auto market." Headquartered in Dayton, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. , Amcast 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 four major sectors of the economy: automotive, construction, industrial, and aerospace. CONTACT: Amcast Industrial Corporation, Dayton Media: Jim Weyers, 937/291-7012 Analysts: Michael Higgins, 937/291-7015 |
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