Press Releases
: 2007
CITATION CORPORATION
2700 Corporate Drive
Suite 100
Birmingham, AL 35242-2733
(205) 871-5731
Fax: (205) 870-8211
February 19, 2007
CITATION CORPORATION ANNOUNCES SALE OF SKOKIE DIVISION
BIRMINGHAM, Ala. Citation Corp. today announced the sale of its Skokie, Ill., division as another step in the companys aggressive plan to strengthen its responsiveness to customers, win new business and build a strong financial base.
The sale transfers ownership to Castwell Products, LLC, a company sponsored by Hunt Special Situations Group of Dallas. Terms of the sale were not disclosed.
While the Skokie Division has been a successful operation for us, it serves niche markets that are no longer part of our long-term strategy, said Citation President Ed Buker. This sale is another step in Citations continued efforts to focus on fewer products while strengthening our ability to respond to customers.
Since emerging successfully from Chapter 11 bankruptcy in May 2005, Citation has focused increasingly on its core businesses. In December 2005, the company announced it would expand its Grand Rapids Division and phase out its Lake Zurich Division by the end of 2006. In September, Citation announced that it would also phase out its Bay Minette, Ala., operations by the end of 2006. In January, Citation announced the sale of its Navasota, Texas, forging operations.
Citation acquired the Skokie operations in its purchase of Castwell Products Corporation in 1995. The operation is a leading specialty ductile and gray iron foundry, specializing in the production of high-quality precision castings encompassing a broad array of alloy and dimensional tolerances. The company targets niche markets in which its engineering and technical capabilities, short lead-times and reputation for quality and reliability are valued. The plant currently sells to customers in the truck and diesel engine components, petroleum, aftermarket light duty vehicles, aerospace, mining, hydraulics and agriculture markets.
Citation is a privately held corporation based in Birmingham, Ala. Through its subsidiaries, the company produces high-quality cast and machined components for several market segments, including the automotive, heavy truck, construction, agricultural and commercial industries. The company operates facilities in Alabama, Indiana, Wisconsin, Michigan, Texas, and North Carolina.
###
For more information about Citation Corporation, contact Gene Monteith at 614-224-0600 Ext. 312.