Citation Corp. makes announcement.Corporation (Nasdaq: CAST) announced today that the management of Citation and Interstate Forging Industries, Inc. of Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. and Navasota, Texas Navasota is a city in Grimes County, Texas, United States. The population was 6,789 at the 2000 census. In 2005, the Texas Legislature named the city "The Blues Capital of Texas," in honor of the late Mance Lipscomb, a Navasota native and blues musician. , have agreed to recommend a proposal to their respective Boards of Directors in which Citation would acquire the stock of Interstate. The agreement is subject to completion of a definitive agreement and approval by the Boards of Directors of both corporations and the vote of the shareholders of Interstate Forging. Review is also required by the Federal Trade Commission and Justice Department 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. Terms of the acquisition were not disclosed. Interstate Forging produces custom closed die forgings of carbon, alloy and stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. for construction equipment, aircraft, off-road equipment, material handling, outboard motors, and truck and trailer industries. Interstate Forging has approximately 500 employees at its two locations. At Milwaukee, Wisconsin, which is also corporate headquarters, the company produces forgings up to 50 pounds. Its other location, in Navasota, Texas produces forgings up to 2,500 pounds. The company is a certified Caterpillar supplier. Annual sales in 1995 were about $85 million. The management team is expected to remain with the company after the acquisition is complete. The company would report to Citation as a separate group. T. Morris Hackney, Citation Chairman 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, "This is our first acquisition of a forging company. Interstate Forging is a technologically advanced forging producer which, we believe, fits very well with our other divisions and our goal to be a broad-based components supplier to the capital goods Capital Goods Any goods used by an organization to produce other goods. Notes: Examples of capital goods include office buildings, equipment, and machinery. See also: Capital Expenditure, Disinvestment Capital goods industries. Further, Interstate is a well-operated company which is expected to be accrective in our fiscal year 1996." Citation Corporation, headquartered in Birmingham, Alabama is one of the largest independent U.S. manufacturers of precision ductile, gray, and high-alloy iron, steel and aluminum castings for various industrial markets. The company currently operates 15 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 approximately 4,400 employees. During its fiscal year 1995, its sales were approximately $308 million. CONTACT: Citation Corp., Birmingham Stanley B. Atkins, 205/871-5731 |
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