CITATION CORPORATION
27275 Haggerty Road
Suite 420
Novi, MI 48377
(248) 522-4500
February 9, 2009
Citation Corporation Amends Credit Agreement
Completes Year-End Financial Audit
Novi, Mich., February 9, 2009 - Citation Corporation announced today that it amended its current bank credit agreement with JPMorgan Chase. Under terms of the new amendment, Citation was able to secure new covenants, which provides the flexibility it needs to complete its business transformation to a more diversified company comprised of industrial and transportation customers.
In addition, Citation completed its 2008 fiscal year-end financial audit with Pricewaterhouse Coopers (PwC) on January 30, 2009, who reported that the corporation’s financial statements are in accordance with generally accepted accounting principles.
“Given the turbulence in today’s financial marketplace, we are proud that Citation completed these two major milestones in a timely manner,” said Citation’s CFO Lou Lavorata.
“This will provide our customers and suppliers the security needed that Citation is weathering the current economic storm and allows us to capitalize on additional business opportunities,” added Citation’s CEO Doug Grimm.
Citation is a privately held corporation headquartered in Novi, Michigan. Citation employs 2,300 employees in Alabama, Texas, Indiana, Michigan, North Carolina and Wisconsin. The company designs, develops and manufactures high-quality cast, machined and assembled components for the transportation and industrial markets.
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For more information, contact: Jennifer Lee, The Millerschin Group at 248-276-1970
jlee@millerschingroup.com