CITATION CORPORATION
27275 Haggerty Road
Suite 420
Novi, MI 48377
(248) 522-4500
November 30, 2009
Citation Corp. Announces Acquisition of Blackhawk Foundry & Machine Co.,
Sale of Albion Machining Plant
Deals Strengthen Company’s Core Competencies and Markets
Novi, Mich., November 30, 2009 - Citation Corp. today announced it has acquired Davenport, Iowa, Blackhawk Foundry & Machining Company and sold its Albion, Ind., facility to Busche Machine.
“Our focus continues to be on further strengthening our diversifaction strategy,” said Citation President & Chief Executive Officer Doug Grimm. “The Blackhawk acquisition further enhances our market diversification while the sale of our Albion facility allows us to concentrate on our core iron casting and machining capability.”
As part of the Blackhawk acquisition, the Davenport facility will be closed by its current owners and customer contracts and some equipment will be transferred to three of Citation’s facilities in Berlin, Wis., Bessemer, Ala., and Biscoe, N.C., by February 2010. “A vast majority of the Blackhawk business is in the agriculture, energy, military and construction markets, which further bolsters our balance of industrial and transportation customers,” said Grimm.
The Albion facility is 68,000 sq. ft. and has 25 employees who primarily manufacture marine engine manifolds. “The Albion business fits better with Busche Machine’s principal products, markets and manufacturing footprint,” said Grimm. “We’re accelerating our effort to concentrate on core iron casting and machining, which includes our 250,000-sq.-ft. Menomonee Falls, Wis., facility (near Milwaukee) that has 180 machining centers and employs 150 people.”
Citation has reset its business model given the global economic changes during 2009. By doing so, “we are prepared to meet the ongoing requirements from our ‘blue-chip’ customers and further expand our presence in North America,” Grimm noted.
Citation is a privately held corporation headquartered in Novi, Mich., Citation employs 1,100 people at 10 manufacturing facilities in Alabama, 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: Erin Millerschin, The Millerschin Group at 248-276-1970
emillerschin@millerschingroup.com