SIFCO Industries, Inc. (NYSEMKT:SIF) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05
|
Costs Associated with Exit or Disposal Activities.
|
(SIFCO or the Company) approved the decision of management to close
one of its manufacturing plants located in Alliance, Ohio
(“Alliance”). There are approximately 38 employees affected by
the decision. Management communicated the decision to the affected
employees on June 1, 2017. The decision to close Alliance was made
primarily due to the loss of a key customer in fiscal year 2015,
which resulted in the erosion of its sales volume over the past two
years. This closure falls in line with management’s key strategic
initiatives to make organizational and operational changes needed
to improve profitability.
of estimating its exit costs. Once the costs have been determined,
SIFCO will file an amended Form 8-K. The Company expects the
closure process to begin immediately and occur over the next 150
days, during which it will incur the majority of the anticipated
exit costs.
|
Item 9.01
|
Financial Statements and Exhibits
|
About SIFCO Industries, Inc. (NYSEMKT:SIF)
SIFCO Industries, Inc. is engaged in the production of forgings and machined components for the aerospace and energy markets. The Company’s processes and services include forging, heat-treating and machining. The Company services both original equipment manufacturers (OEM) and aftermarket customers with products that range in size from approximately 2 to 1,200 pounds. The Company’s products are made primarily of steel, stainless steel, titanium and aluminum, and include OEM and aftermarket components for aircraft and industrial gas turbine engines; steam turbine blades; structural airframe components; aircraft landing gear components; aircraft wheels and brakes; critical rotating components for helicopters, and commercial/industrial products. It also provides heat-treatment, surface-treatment, non-destructive testing and select machining of forged components. It supplies new and spare components to the United States military for aircraft, helicopters, vehicles and ammunition. SIFCO Industries, Inc. (NYSEMKT:SIF) Recent Trading Information
SIFCO Industries, Inc. (NYSEMKT:SIF) closed its last trading session down -0.33 at 7.25 with 3,579 shares trading hands.
