Citation Corp. announces agreement in principle to acquire Texas Steel Co. assets.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 19, 1995--Citation Corporation (Nasdaq: CAST) announced today an agreement in principle to acquire the assets of Texas Steel Co. of Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. from its owners. The agreement is subject to further negotiation, the execution of a definitive agreement, and approval by the shareholders of Texas Steel and the Board of Directors of Citation. Terms of the proposed sale were not disclosed. Texas Steel produces high quality steel castings for the construction machinery, energy, mining, railroad and other industrial markets. The company, founded in 1907 by George W. Armstrong currently employs approximately 430 persons. Sales for nine months of calendar year 1995 were approximately $29 million. The majority of the Texas Steel stock is owned by members of the Armstrong family. The existing foundry management is expected to remain with the company after the completion of the acquisition. T. Morris Hackney, Citation Chairmen 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. said, "Texas Steel is one of the stronger companies in the steel castings industry. With Citation's existing steel foundry operations; the Steel Division of Texas Foundries Co. and Pennsylvania Steel Foundry and Machine Co., we believe this acquisition will strengthen our market presence." Citation Corporation, headquartered in Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. is one of the largest independent U.S. manufacturers of precision ductile ductile /duc·tile/ (duk´til) susceptible of being drawn out without breaking. duc·tile adj. Easily molded or shaped. ductile susceptible of being drawn out without breaking. , gray, and high-alloy iron, steel and aluminum castings for various industrial markets. The company currently operates 14 foundries in Alabama, Illinois, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Ohio, Pennsylvania, Texas and Wisconsin and employs nearly 4,000 employees. Sales for nine months of fiscal 1995 were more than $215 million. CONTACT: Citation Corp., Birmingham Stanley B. Atkins, 205/871-5731 |
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