CITATION CORPORATION
2700 Corporate Drive
Suite 100
Birmingham, AL 35242-2733
(205) 871-5731
Fax: (205) 870-8211
March 14, 2008
Citation Changes Headquarters Designation to Michigan
Novi, Michigan, March 14, 2008 - Citation Corporation management today announced that it will change its headquarters designation from Birmingham, Ala., to its existing facility in Novi, Mich., effective March 14, 2008. This action is being taken as part of the company's effort to bring its management team closer to core customers. The Novi facility, located at 27275 Haggerty Rd., will house Citations senior executive team, including the CEO, COO and CFO.
This change makes sense for many reasons, said Citation CEO Doug Grimm, who joined the company from Visteon Corp. in January. "About half of our business is in the automotive sector and the key auto hub is, of course, Detroit. For our heavy-truck and industrial customers, we have regional representation around the country to serve them on a day-to-day basis." Grimm said the change is another step in the many strategic and positive actions the company has taken to improve its balance sheet and operations during the past six months. "We've recapitalized debt, improved operating efficiencies at our facilities, strengthened our management team and refocused our efforts on core products and markets. These efforts have improved our Standard and Poors Credit rating to B+/Stable, and have helped us win substantial new business contracts for the near-and long-term.
The 23,000 sq. ft. Novi facility has been a technical center with sales and engineering, human resources and group operations personnel since November 2000. Citation will continue to operate a professional office in Birmingham, Alabama.
Headquartered in Novi, Mich., Citation is a privately held corporation employing 2,700 associates in Alabama, Texas, Indiana, Michigan, North Carolina and Wisconsin. The company designs, develops and manufactures high-quality cast, machined and assembled components for the automotive, heavy truck and industrial markets.
###
For more information, contact: Jennifer Lee, The Millerschin Group at 248-276-1970
jlee@millerschingroup.com