Amcast Industrial Corp. finalized its previously announced sale of it Flow Control division to a U.S. subsidiary of Aalberts Industries. The sale, reported to be valued at $54 million, will be used by Amcast to cover pending loan obligations.
In its June 29 third-quarter (2004) earnings statement, Amcast reported debts totaling $172.7 million, and the company described its obligation to refinance its bank debt and senior notes or "sell substantially all of its assets by September 1, 2004."
The sale agreement includes the Elkhart Plumbing operations in Elkhart, IN, and Fayetteville, AR; Elkhart Industrial, Geneva, IN; and Amcast Industrial Ltd., Burlington, ON.
Amcast’s remaining businesses include Engineered Components and Lee Brass.