Amcast Completes Lee Brass Acquisition; Announces Plan to Consolidate Flagg Brass, Lee Brass.DAYTON, Ohio--(BUSINESS WIRE)--April 14, 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 completed the previously announced purchase of privately owned Lee Brass Company, 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. . With 415 employees, Lee Brass is a major manufacturer of cast brass and bronze 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 last year were $39 million. Amcast paid approximately $15 million for Lee Brass in a combination of cash and debt assumption. The acquisition is consistent with the company's plan to grow its Flow Control segment. The addition of Lee Brass enhances Amcast's product line offering through the Elkhart plumbing products network and builds on its strong plumbing distribution franchise. In a related action, Amcast announced that it would phase out brass operations at Flagg Brass, Stowe, Pennsylvania Stowe is a census-designated place (CDP) in Montgomery County, Pennsylvania, United States. The population was 3,585 at the 2000 census. Geography Stowe is located at (40.251695, -75.681230)GR1. , and transfer the product line to Lee Brass. Management cited greater capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. and lower utility costs at Anniston as the major factors in its decision to close the Stowe plant. Amcast expects the consolidation of its brass activities at Lee Brass to have long-term benefits for its industrial, plumbing, and marine customers. 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 of the economy. CONTACT: Amcast Industrial Corporation Media Contact: Phyllis Naylor, 937/291-7011 Investor Contact: Michael Higgins, 937/291-7015 |
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