Amcast Negotiating Sale of Unit - aftermarketNews

Amcast Negotiating Sale of Unit

Amcast Industrial Corp. on Tuesday said it is having "very serious confidential negotiations" with potential buyers interested in one or more of its business units. Amcast Industrial Corp. on Tuesday said it is having "very serious confidential negotiations" with potential buyers interested in one or more of its business units.

From Dayton Daily News

DAYTON — Amcast Industrial Corp. on Tuesday said it is having “very serious confidential negotiations” with potential buyers interested in one or more of its business units.

Joseph Grewe, Amcast’s president and chief executive, said: “It is our expectation that one or more of these situations will result in a transaction.”

But Grewe said it’s not certain whether a divestiture will improve the company’s ability to refinance remaining debt.

Amcast, a Washington Twp., Dayton-based maker of automotive components and copper and brass plumbing supplies for the construction markets, also reported fiscal third-quarter net income of $1.9 million, or 20 cents per share, compared with a net loss of $1.8 million, or 20 cents per share, during the third quarter last year.

Third-quarter sales were $111.4 million, down one-half percent from $111.8 million during the same period in 2003.

Last year the third quarter included a $2.5 million loss from discontinued operations relating to the sale of Speedline, Amcast’s European wheel business.

For the nine months which ended May 30, Amcast reported a net income of $1.7 million, or 18 cents per share, compared with a net loss of $111.4 million, or $12.58 per share loss, during the same nine- month period last year.

The first nine months of fiscal 2003 included discontinued operations and the cumulative effect of a change in accounting. Combined, these items created a $109 million expense for the company.

Grewe said Amcast is successful in its cost reduction and manufacturing improvement programs. In particular, Grewe said selling, general and administrative expenses for the year have declined more than 10 percent, and year-to-date labor productivity improved 14 percent.

“We were very pleased to be able to achieve these performance improvements without revenue growth,” Grewe said.

Amcast released its earnings after the stock markets closed for the day. Amcast shares closed Tuesday at $2.70, down 45 cents. The 52-week range is 80 cents to $5.50.

Copyright 2004 Dayton Daily News. via ProQuest Information and Learning Company; All Rights Reserved.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

PRT Launches 59 New Complete Strut Assemblies

Extending PRT’s product portfolio in North America, the new release represents nearly 12M vehicles in new coverage.

PRT-Launches-59-New-Complete-Strut-Assemblies

PRT announced the launch of 59 new complete strut assemblies for the North American market.

The launch includes application coverage for Nissan Frontier, Toyota Highlander and Mercedes E-Class models, in addition to brand-new applications, such as the Dodge Durango 2022, the Ram ProMaster City 2022, and the Mazda CX-9 2022, among others, according to PRT.

SMP Releases 2023 Corporate Sustainability Report

The report provides insight into the company’s initiatives, future goals and achievements, Standard Motor Products said.

SMP-Releases-2023-Corporate-Sustainability-Report
GSP Announces New May Part Numbers

The units released in May are in stock and ready to ship, GSP said.

GSP-Announces-New-May-Part-Numbers
Cooper Standard Issues Corporate Responsibility Report

Titled “Commitment to Excellence,” the report provides updates on key sustainability targets, initiatives and ambitions.

Cooper-Standard-Issues-Corporate-Responsibility-Report
Mevotech Expands Coverage with 188 New Part Numbers

The release covers domestic and import passenger vehicles, pickup trucks, vans, SUVs and EVs, up to the 2023 vehicle model year.

Mevotech-Expands-Coverage-with-188-New-Part-Numbers

Other Posts

MAHLE Finalizes Sale of its OEM Thermostat Business

As part of the transaction, ADMETOS is taking on around 600 employees in six countries.

MAHLE finalizes sale of its OEM thermostat business
ZF Aftermarket Releases 36 New Parts for US, Canada

ZF has introduced a total of 185 new products in 2024 under the ZF, LEMFÖRDER, SACHS, TRW and WABCO brands.

Dana Expands Spicer ReadyShaft Assembly Coverage

The addition of more than 3,000 new part numbers brings Dana’s ReadyShaft program
to over 13,000 active SKUs.

Dana-Expands-Spicer-ReadyShaft-Assembly-Coverage
Litens Aftermarket North America Elevates Sustainability Efforts

Litens said it is dedicated to achieving carbon neutrality by 2030. 

Litens Aftermarket North America Elevates Sustainability Efforts