In statement, Neenah Foundry Co. and its majority owner, ACP Holding Co. reported they have appointed Citigroup Global Markets Inc. to help identify sale and/or merger possibilities for the company "or a significant portion of its assets or capital stock."

The statement said there have been some preliminary contacts with potential buyers. However, Neenah emphasized the exploratory process is in its early stages and no sale agreement has been reached. It also said it is still uncertain whether a transaction may eventually be reached, "and if so when or at what price, structure, and other terms and conditions." It made no predictions about the future progress of the exploratory effort, and cautioned that it felt no obligation to make further statements about it.

Neenah Foundry manufactures gray- and ductile-iron castings and steel forgings for the heavy municipal market and some industrial markets.