CUDAHY, Wis., Feb. 25 /PRNewswire-FirstCall/ -- Ladish Co., Inc.
(Nasdaq: LDSH) (http://www.ladishco.com) today announced it has entered into a
preliminary agreement with Huta Stalowa Wola Spolka Akcyjna ("HSW S.A.") to
acquire its forging subsidiary HSW-Zaklad Kuznia Matrycowa ("ZKM"). ZKM,
located in Stalowa Wola, Poland, currently has annual production and sales of
industrial forgings in Poland and throughout Europe of approximately
$35 million. The closing of the transaction, while subject to the fulfillment
of certain conditions by HSW S. A. and the obtaining of a number of permits
and approvals by Ladish, is anticipated to occur in the third quarter of 2005.
Although the final terms of the proposed transaction have not been disclosed,
the purchase price for ZKM will be approximately $13 million.
"For a number of years we have worked with ZKM to supply industrial
forgings for certain of our customers in the U. S., and we are excited about
the prospect of making ZKM a part of the Ladish family of metalworking
companies," said Kerry L. Woody, President and CEO of Ladish. "ZKM has the
personnel, equipment and cost structure capable of significant growth. This
acquisition represents an excellent opportunity for Ladish to establish a
manufacturing base in the European Union. Approximately 50% of Ladish's annual
sales serve international markets. ZKM will enable us to expand our
participation in these international industrial arenas and, ultimately, to
make further inroads into international aerospace markets with a
cost-effective Eastern European producer."
Ladish Co., Inc. is a leading producer of highly engineered, technically
advanced components for the jet engine, aerospace and general industrial
markets. Ladish is headquartered in Cudahy, Wisconsin with operations in
Wisconsin, Oregon and Connecticut. Ladish common stock trades on Nasdaq under
the symbol LDSH.
This release includes forward-looking statements that are made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected in
them. These risks and uncertainties include, but are not limited to,
unanticipated slowdowns in the company's major markets, the impact of
competition, the effectiveness of operational changes expected to increase
efficiency and productivity, worldwide economic and political conditions and
the effect of foreign currency fluctuations.
SOURCE Ladish Co., Inc.
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Related links:
http://www.ladishco.com
CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
+1-414-747-2935, fax - +1-414-747-2890; or William J. Libby of
Libby Communications, +1-203-431-8480, fax - +1-203-431-6132, for
Ladish Co., Inc.
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