Foundry and diecasting group Citation Corp. reports it has amended its bank credit agreement with lender JPMorgan Chase, a change it says establishes “the flexibility (Citation) needs to complete its business transformation to a more diversified company comprised of industrial and transportation customers.”
“This will provide our customers and suppliers the security needed that Citation is weathering the current economic storm and allows us to capitalize on additional business opportunities,” added Citation’s CEO Doug Grimm.
Last fall, Citation began what it called a corporate restructuring program, aiming to put a greater focus on emerging markets and to “right-size capacity to meet customer demand.” The reorganization involved two new business units, Industrial products and Transportation products. At the same time, it announced it would close its ductile-iron foundry in Lufkin, TX, by March 2009.
In August 2008, Citation announced it would close its Butler, IN, aluminum foundry.
Citation also reports it completed its FY 2008 year-end financial audit. Pricewaterhouse Coopers, the independent auditor, confirmed that Citation’s financial statements are in accordance with generally accepted accounting principles.
“Given the turbulence in today’s financial marketplace, we are proud that Citation completed these two major milestones in a timely manner,” stated Lou Lavorata, Citation’s chief financial officer.
Citation Amends Credit Agreement, Completes Year-End Audit
Weathering the current economic storm, CEO assures