Citation Corporation Acquires CT South.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Dec. 14, 1998--Citation Corporation (Nasdaq: CAST) announced today that it has reached an agreement in principle for the purchase of CT-South, Marion, Alabama Marion is the county seat of Perry County, AlabamaGR6. As of the 2000 census, the population of the city is 3,511. First called Muckle Ridge, the city was renamed after a hero of the American Revolution, Francis Marion. with the Automotive Foundry Co., Ltd. and the Mitsubishi Corporation Mitsubishi Corporation (三菱商事株式会社 . Citation also received notice that the waiting period under the Hart, Scott, Rodino Antitrust Act Antitrust Act: see Clayton Antitrust Act; Sherman Antitrust Act. had been concluded. Citation expects to complete a definitive agreement and close the acquisition December 28, 1998. CT-South is the second largest producer of ductile iron Ductile iron, also called ductile cast iron or nodular cast iron, is a type of cast iron invented in 1943 by Keith Millis[1]. While most varieties of cast iron are brittle, ductile iron is much more ductile, as the name implies. thin-walled exhaust manifolds for passenger cars and light trucks 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. . Annual sales are approximately $30 million and it has approximately 270 employees. John Lawson, Citation Group Vice President - Automotive Markets, said, "CT-South will be a good addition to our automotive product group. We currently supply braking, transmission, suspension, steering and engine parts direct to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automakers and indirect through other component manufacturers. "CT-South has additional production capacity and is scheduled to launch a number of new programs which would increase sales over the next few years. In addition, CT-South is forecast to be accretive to Citation earnings in the near future," he said. Citation Corporation is a producer of aluminum, iron and steel components for 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. and capital good markets with 20 divisions in 10 states. Prior to the acquisition of CT South, Citation employment stood at 6,850. Sales in fiscal 1998 were approximately $724 million. Note: The statements in this news release that are not historical fact are forward-looking statements that involve risks and uncertainties including, but not limited to, changes in the economy, demand for durable goods, pricing by competitors, entry of new competitors, and other risks detailed in the Company's 10-Q for the fiscal quarter ended June 28, 1998, and other filings with the Securities and Exchange Commission. |
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