Citation Corp. reaches agreement in principle to acquire assets of Bohn Aluminum Corp.BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 19, 1996--Citation Corporation (Nasdaq: CAST) announced today that it had reached an agreement in principle to acquire the assets of Bohn Aluminum Corporation of Butler, Indiana Butler is a city in DeKalb County, Indiana, United States. The population was 2,725 at the 2000 census. Geography Butler is located at (41.430166, -84.871859)GR1. . The agreement is subject to completion of a mutually-acceptable definitive agreement. Terms were not disclosed. Bohn Aluminum is a producer of aluminum permanent mold castings to the automotive, diesel engine and construction equipment markets. Its sales in 1995 were approximately $32 million. Current management of the company is expected to remain after the acquisition. The company has approximately 275 employees. Permanent mold aluminum castings are produced by pouring molten aluminum into metal molds, normally on a rotary carousel, and, following solidification, removing the castings from the molds for further processing. It is normally a process for producing medium to high volume parts. Assuming successful completion of the acquisition, Citation would have annual aluminum sales capacity in excess of $100 million. This would make Citation Corporation one of the 10 largest independent aluminum castings producers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Citation currently operates two aluminum divisions; Oberdorfer Industries, Syracuse, New York
Syracuse (IPA: , and Southern Aluminum Castings, Bay Minette, Alabama Bay Minette is a city in Baldwin County, Alabama, United States. As of the 2000 census, the population of the city was 7,820. [1] According to the 2005 U.S. Census estimates, the city had a population of 7,808. [2] The city is the county seat of Baldwin County. . 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 a major components supplier to leading manufacturers 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. . The company currently operates 16 manufacturing facilities in nine states and employs approximately 5,000 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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