Citation Corporation and Groupe Valfond Announce Agreement to Form Alliance.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb. 23, 1998--Citation Corporation (Nasdaq: CAST) of Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. and Groupe Valfond of Paris, France today jointly announced the formation of an alliance between the two companies. The alliance is principally expected to provide access to the strengths of each company in their respective marketplaces. The two companies are somewhat similar in composition. Groupe Valfond produces and machines iron and aluminum castings, supplies stampings and precision turned parts, primarily for automotive customers in European markets. Valfond has manufacturing locations in France, Switzerland, Germany, Spain and the Netherlands, and annual sales in U.S. dollars of approximately $1.3 billion. Citation Corporation produces steel, aluminum and iron castings, steel forgings and machined components primarily for durable and 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 manufacturers 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 has locations in nine states and a sales and engineering office in Detroit, Michigan “Detroit” redirects here. For other uses, see Detroit (disambiguation). Detroit (IPA: [dɪˈtʰɹɔɪt]) (French: Détroit, meaning strait . In its fiscal 1997, Citation had sales of $649 million. The agreement contemplates the utilization of technology by both members of the alliance to address the needs of each corporation's global customer base. Each joint venture under the alliance would be designed and established separately. T. Morris Hackney Hackney, inner borough (1991 pop. 164,200) of Greater London, SE England, on the Lea River. Clothing manufacture (in Hackney) and printing and furniture making (in Shoreditch) are the borough's chief industries. London's first theater was built in Shoreditch (c.1575). , 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, "We are very pleased to reach agreement to form this alliance with a company such as Groupe Valfond. Both companies have similarities in their philosophy and principles and both desire access to each other's strengths to better serve our worldwide customer base." Herve' Guillaume, President and CEO of Groupe Valfond, said "We have discussed for some time the best method to utilize both the common purpose and the unique abilities of these two companies to enable growth in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European markets. We believe this is an excellent method to accomplish our goals." CONTACT: Citation Corporation, Birmingham Stanley B. Atkins, 205/871-5731 |
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