Citation shifting focus from automotive castings.Citation Corp., Novi, Mich., intends to reduce its reliance on the automotive market, 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. company 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. Doug Grimm. The company currently serves the automotive and non-automotive sectors evenly, with 50% of its sales going to each. It is pursuing business opportunities that would shift its product mix to 37% automotive, 33% industrial and 30% heavy truck. Eventually, it would like to see those three markets split in thirds; however, Grimm said no contracts have been won at this time. "We're essentially looking at other markets: railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. , wind power, construction and agriculture," he said. Since undergoing a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. in March 2007, Citation has closed or downsized two primarily automotive plants. The company's Butler, Ind., plant was idled indefinitely in·def·i·nite adj. Not definite, especially: a. Unclear; vague. b. Lacking precise limits: an indefinite leave of absence. c. , and capacity at its Lutkin, Texas, plant was cut roughly in half. Because of the recapitalization, Grimm said the company is now in position to achieve growth through acquisitions. It also has increased its European sales force to take advantage of the weak dollar. "We have some flexibility, where frankly it's a pretty turbulent time," Grimm said. "Where there's chaos, there's opportunity." |
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