SIFCO Industries, Inc. Signs Definitive Agreement to Acquire C*Blade; CFO to Return to Private Equity Industry
Business Wire SIFCO Industries, Inc.
March 17, 2015 4:30 PM
SIFCO Industries, Inc. (NYSE MKT: SIF) announced today that it has entered into a definitive agreement to acquire the Italian-based company C*Blade from Riello Investment Partners. Closing will occur following satisfaction of certain conditions and regulatory approvals, currently anticipated by mid- 2015.
In an unrelated development, SIFCO also announced that Catherine M. Kramer, Vice President and Chief Financial Officer, will leave the Company, effective April 3, 2015, to return to the private equity industry.
The C*Blade acquisition will deliver important strategic benefits to SIFCO’s target markets of aerospace and energy, including broader reach into the steam turbine market and an opportunity to sell C*Blade’s products in the U.S. market.
C*Blade has been in business for more than 50 years and specializes in the manufacture of steam turbine blades and gas compressor blades for the energy market. C*Blade is a best-in-class manufacturer of critical turbine components with strong machining capabilities and a long track record of serving both OEM and aftermarket customers. Located in Maniago, Italy, C*Blade has approximately 150 employees and annual revenues of approximately US $30 million. The acquisition is expected to be accretive to earnings.
“C*Blade enjoys a strong reputation for its design expertise and high quality products,” said Michael S. Lipscomb, Chairman and Chief Executive Officer. “We are delighted to have reached an agreement with the C*Blade team and plan to leverage their strong capabilities and competitive advantages to become an integral part of SIFCO’s growth strategy.”
Chief Financial Officer
Ms. Kramer has served in her current role since January 1, 2013. She joined the Company in 2012 as director of financial pla
SIFCO Industries, Inc. Adds to Its Forged Components Group by Acquiring MW General, Inc. (DBA General Aluminium Forgings)
Business WirePress Release: SIFCO Industries, Inc. – Tue, Jul 23, 2013 5:00 PM EDT..
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.”
SIFCO Industries, Inc. Announces the Sale of Its Applied Surface Concepts Business Segment
SIFCO Industries, Inc. (NYSE MKT: SIF) (“SIFCO”) announces the divestiture of its Applied Surface Concepts (“ASC”) business segment to Norman Hay plc located in the United Kingdom. The ASC business includes its U.S. operations, headquartered in Cleveland, Ohio, and three European operations located in France, Sweden and the United Kingdom. The ASC business develops, manufactures and sells selective plating products and provides contract services for low volume repair, refurbishment and OEM applications. The transaction, which includes all of the ASC operations, closed on December 10, 2012. This divestiture furthers our strategy of strengthening our portfolio of companies that serve the aerospace and energy markets.
SIFCO Chief Executive Officer, Michael S. Lipscomb, said: “I am pleased to announce the sale of the ASC business to Norman Hay plc. Norman Hay is principally involved in the surface engineering and finishing business, which should provide a good strategic fit and an excellent long-term home for the ASC business and its employees. SIFCO will continue to pursue strategic opportunities to reinvest the proceeds of this divesture into its core forging business. I would also like to take the opportunity to thank the ASC associates for their dedicated service to the SIFCO family and wish them well as they join the Norman Hay Group.”