SIFCO Industries, Inc. Adds to Its Forged Components Group by Acquiring MW General, Inc. (DBA General Aluminium Forgings)
July 23 2013 - 5:00PM
Business Wire
SIFCO Industries, Inc. (NYSE MKT: SIF) (“SIFCO”), a leading
supplier of forged components to the aerospace and energy
industries, announces the acquisition of substantially all of the
operating assets and operations of MW General, Inc. (DBA General
Aluminium Forgings) (“GAF”). GAF is an aerospace component supplier
located in Colorado Springs, Colorado, principally supplying
precision aluminum forgings to the commercial aerospace industry.
GAF also supplies components to the military and medical
industries. The transaction closed on July 23, 2013. Specific terms
of the transaction were not disclosed.
SIFCO Industries, Inc. will operate the business under a newly
created entity, General Aluminum Forgings, LLC, and will conduct
business under the trade name General Aluminum Forge (“GAF”). GAF
will be a wholly-owned subsidiary of Quality Aluminum Forge, LLC,
SIFCO’s existing aluminum forging business. This acquisition
increases SIFCO’s presence in the aluminum forging market, expands
its capacity and broadens its customer base. The acquisition also
continues SIFCO’s focus on growing its presence in the commercial
aerospace market.
SIFCO Chief Executive Officer, Michael S. Lipscomb, said: “The
addition of GAF meaningfully grows our aluminum forgings business
and increases our aluminum product capabilities. We are very
pleased to add this business to our growing forge family.”
About SIFCO Industries, Inc. - SIFCO Industries, Inc. is
engaged in producing a variety of metalworking processes, services
and products produced primarily to specific customer design
requirements. The processes and services include forging,
heat-treating, coating, welding, and machining. The products
include forgings, machined forged parts and other machined metal
parts, and remanufactured component parts for turbine engines. The
Company’s operations are conducted in two business segments: Forged
Components and Turbine Components Services and Repair. In May 2013,
SIFCO Industries was recognized at the 2013 Leading EDGE Awards.
This award was developed by the Entrepreneurs EDGE to recognize
value-creating, mid-sized companies in the Northeast Ohio
region.
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 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 not limited to,
economic conditions, competition and other uncertainties detailed
from time to time in the Company Securities and Exchange Commission
filings.
SIFCO Industries, Inc.Catherine Kramer, 216-426-3168
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