CITATION CORPORATION
2 Office Park Circle, Suite 204
Birmingham, AL 35223
Contact: Stanley B. Atkins
205-871-5731
Fax: 205-871-5772
January 8, 1998
BIRMINGHAM, Alabama - Citation Corporation announced today that it had acquired the stock of Dycast, Inc., an aluminum die casting and machining company of Lake Zurich, Illinois.
Dycast produces aluminum die castings for automotive, appliance, and small engine applications. Annual sales for 1997 were approximately $26 million. The company has 211 employees. It operates 22 die casting machines and is in the process of installing a squeeze casting machine.
Dycast is Citation's first acquisition in aluminum die casting technology. Citation previously had approximately $120 million in capacity in aluminum permanent molding and sand casting.
T. Morris Hackney, Chairman and CEO, said: "We have believed for some time that serving the needs of our customer base required that we be able to offer three distinct aluminum casting technologies - permanent mold, sand casting, and, now, die casting.
"Dycast is a technologically-strong addition to Citation with a solid management team, and serves much the same customer base as our current aluminum operations. We are very pleased to have Dycast and its employees as part of the Citation family. We expect it to be accretive in the near term."
Citation Corporation is a metal component producer to capital and durable goods industries with 18 manufacturing divisions (including Dycast) located in nine states. It has approximately 6,200 employees and annual sales for fiscal 1997 were $649 million.