Citation Corporation completes purchase of Southern Aluminum Castings Company stock.BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 4, 1996--Citation Corporation (Nasdaq: CAST) announced today that it had completed the purchase of the stock of Southern Aluminum Castings Company, 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 received notice during February of early termination of the waiting period required 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 the pre-merger notification report. Southern Aluminum was founded in 1973 by its President and majority stockholder, James D. Hunt. Hunt will continue as President of Southern Aluminum. The company consists of three foundries producing high volume aluminum sand castings, a processing plant, a pattern shop and a machine shop. All operations are in Bay Minette, except a processing plant in Atmore, Alabama Atmore is a city in Escambia County, Alabama, United States. At the 2000 census the population was 7,676. According to the 2005 U.S. Census estimates, the city had a population of 7,530. [1] The city was named for Mr. C.P. Atmore. . Primary products are intake manifolds, oil cooler housings, oil filter adapters and throttle body adapters for Ford Motor Company. Southern Aluminum in 1985 was awarded Fords "Q1" rating for quality excellence. The company is a 100 percent supplier of the parts it produces for Ford. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in 1995 were approximately $34 million. The company has about 330 employees. T. Morris Hackney, 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 pleased to complete this acquisition of our first automotive aluminum plant. It has significant capacity for new products and we are expecting continuing growth for the next few years." Citation Corporation, headquartered in Birmingham, Alabama 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 17 manufacturing facilities in nine states and employs approximately 5,000 persons. During its fiscal year 1995, its sales were approximately $308 million and earnings were $17.1 million or $1.27 a share. CONTACT: Citation Corporation, Birmingham Stanley B. Atkins, 205/871-5731 |
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