Amcast Industrial Corp. sells Italian wheel subsidiary Speedline to European company. (North America).Amcast Industrial Corp., 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. , has sold its Italian wheel subsidiary Speedline to a European-based company. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale will be negligible. "Speedline's recent operating performance has had a significant, detrimental impact on Amcast's profitability," said Byron O. Pond, Amcast chairman of the board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The transaction should return the remaining Amcast businesses to positive net earnings in its third fiscal quarter. However, the impact of the disposal of Speedline is anticipated to result in a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern book loss of approximately $56 million." Amcast acquired Speedline in 1997 with the intent of increasing the geographic scope of the firm's wheel business. "Despite our additional investments in Speedline, its unfavorable cost structure did not allow us to maintain market position and generate adequate returns in the face of changing market conditions and increased competition." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion