CLEVELAND--(BUSINESS WIRE)--
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.” |
