Citation Corp. makes announcement.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Aug. 1, 1995--Citation Corp. (Nasdaq:CAST) today announced that the Federal Trade Commission has granted early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. in connection with a pre-merger notification report relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its acquisition of the assets of the Castwell Products Division of Wells Manufacturing Co. and that the acquisition is now complete. Castwell Products, located in Skokie, Ill., manufactures and sells metallurgically controlled alloyed iron castings to numerous industrial markets. It has 446 employees, and for the nine months ended April 30, 1995, of its fiscal year, sales were $49.7 million and operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) were $8.5 million. The company produces castings weighing one ounce to 40 pounds. Timothy L. Roberts, group vice president of the Specialty Foundry Group of Citation, announced that Thomas E. Ferguson, who had been vice president and general manager for the Castwell Products Division of Wells Manufacturing, would continue in the same position for Citation. Other members of the current management of Castwell are expected to remain with the company. Castwell's casting products are used in a variety of durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. , including exhaust manifolds, valve and roller lifter bodies, shift forks and gear blanks for automobiles and light trucks, as well as pump components, rings and fly wheels, valve components and other products for the hydraulic/pump, oil pumping, appliance and other commercial industries. The company specializes in difficult-to-produce castings. Citation Corp. produces gray and ductile iron, steel and aluminum castings for a wide variety of industries. With Castwell, the company currently now has 12 divisions or subsidiaries 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. CONTACT: Citation Corp., Birmingham Stanley B. Atkins, 205/871-5731 |
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