Citation closes sale of Pennsylvania steel subsidiary.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Nov. 1, 1996--Citation Corporation (Nasdaq:CAST) today announced that it closed the sale of its Pennsylvania Steel Foundry and Machine Company in Hamburg, Pennsylvania Hamburg is a borough in Berks County, Pennsylvania, United States. The population was 4,114 at the 2000 census. The town is named after Hamburg, Germany. Geography Hamburg is located at (40.556271, -75.982667). to Atchison Casting Corporation (Nasdaq: ACCX) October 31, 1996. Pennsylvania Steel supplies carbon and high alloy steel castings Steel casting is a manufacturing process in which molten metal is poured into a mold, allowed to solidify within the mold, and then the mold is broken and the solid piece is taken out. to the power generation, valve and pump industries. As previously announced, sale price for Pennsylvania Steel is for less than the net asset value and will result in a one time loss to Citation of approximately $1.5 million that will be charged against 1996 fiscal year earnings. Citation Corporation is a metal components producer for the 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. industry with 16 manufacturing divisions located in nine states. Sales for the most recent nine-months period was $356.1 million. CONTACT: Citation Corp. Stanley B. Atkins, 205/871-5731 |
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