SIFCO Industries, Inc. Announces the Sale of its Large Aerospace Turbine Engine Repair Business to SR Technics
March 16 2006 - 11:51AM
Business Wire
SIFCO Industries, Inc. (AMEX:SIF) announces the sale of its Large
Aerospace Turbine Engine Component Repair business to SR Technics,
headquartered in Zurich, Switzerland. The Large Aerospace Turbine
Engine Component Repair business is located in SIFCO's Mahon
Industrial Estate facility, Cork, Ireland. The facility provides
turbine component repair services on General Electric, Snecma,
Pratt & Whitney, and Rolls-Royce large commercial airline
turbine engines and has a long history of serving 90% of the
world's major airlines and overhaul shops with high quality and
efficient component repair services. The transaction is expected to
close, subject to certain conditions being met, on or about April
20, 2006 at a price of approximately $9.8 million, with SIFCO
retaining substantially all existing liabilities. This acquisition
substantially enhances SR Technics' engine repair and integrated
engine solutions offering for large commercial aircraft engines.
Under SR Technics' ownership, management and employees at the
acquired organization will continue to serve its extensive customer
base. About SR Technics: SR Technics is the world's leading
independent provider of total technical solutions for aircraft,
engines and components. With a workforce of around 4,770 personnel,
the SR Technics Group generated total operating revenues of CHF 1.2
billion in 2004. SR Technics is owned by a combination of private
equity investors (such as 3i and Star Capital) and its own
management. The Group offers technical solutions and services to
over 500 customers around the world, handling more than 750
aircraft, 300 engines and 78,000 components a year. For further
information, please visit www.srtechnics.com. About SIFCO
Industries, Inc.: SIFCO Industries, Inc. is engaged in the
production and sale of a variety of metalworking processes,
services and products produced primarily to the specific design
requirements of its customers. The processes and services include
forging, heat-treating, coating, welding, machining and selective
electrochemical finishing. The products include forgings, machined
forged parts and other machined metal parts, remanufactured
component parts for turbine engines, and selective electrochemical
finishing solutions and equipment. The Company's operations are
conducted in three business segments: (1) Turbine Components
Services and Repair Group, (2) Aerospace Component Manufacturing
Group, and (3) Applied Surface Concepts Group. Forward-Looking
Language Certain statements contained in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, such as statements
relating to financial results and plans for future business
development activities, and are thus prospective. Such
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, economic conditions, competition
and other uncertainties detailed from time to time in the Company's
Securities and Exchange Commission filings.
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