On August 28, 2013, SIFCO Industries, Inc.’s (NYSE MKT: SIF) Board of
Directors approved ceasing operations of its Turbine Components Services
and Repair business. This decision will result in the closure of its
Minneapolis-based plant and will affect approximately 50 employees at
this location. Efforts to wind down the operations will begin
immediately.
The decision to exit the repair business was made primarily due to its
lack of strategic fit with SIFCO’s core aerospace and energy forging
business, and the Company’s desire to focus on growing its SIFCO Forged
Components business. The repair business’s current profitability and its
outlook for future profitability affected the timing of the exit.
About SIFCO Industries, Inc. - SIFCO Industries, Inc. is engaged
in a variety of metalworking services and produces products primarily
for the aerospace and energy industries. The services include forging,
heat-treating, coating, and machining. 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 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.
Copyright Business Wire 2013