Citation Corp. sells forging division, now operates only casting and machining facilities.Citation Corp., Birmingham, Ala., now maintains only casting and machining operations, having announced the sale of its 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. , custom forging division. The sale transfers ownership to Balmoral Advisors, a Los Angeles-based private equity firm, but allows the division to remain in operation, for now preserving the jobs of about 400 people. Terms of the sale were not disclosed. "Forgings make up less than 10% of our sales, and as we adjust to our strengths, it makes less sense to operate the Navasota facility," said Citation President Ed Buker. Buker also said that the move would help Citation reduce existing debt. Since emerging from Chapter 11 bankruptcy in May 2005, Citation has attempted to focus on its core businesses, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a company press release. In December 2005, the company announced it would expand its Grand Rapids Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, Division and phase out its Lake Zurich For the lake and village in the U.S., see . Lake Zurich (Alemannic: Zürisee; German: Zürichsee) is a lake in Switzerland, extending southeast of the town of Zürich. It is also known as Lake Zürich and Lake of Zürich. Division by the end of 2006. In September of last year, Citation announced that it would also phase out its Bay Minette, Ala., operations by the end of 2006. The Navasota Division, acquired by Citation in 1996 in its purchase of Interstate Southwest Forgings Inc., provides forged steel products for the construction, light automotive, aerospace, and medium and heavy truck industries. Citation will continue to serve the automotive, heavy truck, construction, agricultural and commercial industries with cast and machined components from facilities in Alabama, Indiana, Wisconsin, Michigan, Illinois, Texas and 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. . According to the Citation press release, Balmoral targets financially distressed companies with revenues of $25 million to $500 million that are misunderstood or undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. by their markets or stakeholders. |
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