SIFCO Industries, Inc. Closes its Alliance Plant Location
June 01 2017 - 4:05PM
Business Wire
On May 31, 2017, SIFCO Industries, Inc.'s (NYSE MKT: SIF) Board
of Directors approved the closure of its Alliance, Ohio
manufacturing plant ("Alliance"). This decision will result in the
closure of its Alliance-based plant and will affect approximately
38 employees at this location. Efforts to wind down the operations
in Alliance will begin immediately.
The decision to close the manufacturing plant was made primarily
due to the loss of a key customer in fiscal year 2015, which
resulted in the erosion of its sales volume over the past two
years. This closure falls in line with management's key strategic
initiatives to make organizational and operational changes needed
to improve profitability.
About SIFCO Industries, Inc. - SIFCO Industries, Inc. is
engaged in the production of forgings and machined components
primarily in the Aerospace and Energy markets. The processes and
services include heat-treating and machining. The Company operates
under one segment.
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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SIFCO Industries, Inc.Salvatore Incanno,
216-881-8600www.sifco.com
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