|
Aluminum Precision Products, Inc. (A.P.P.), an industry leader in aluminum and titanium forged and machined components in a variety of markets worldwide, said today it received court approval for the purchase of Kaiser Aluminum's Oxnard, CA, U.S. forging operations. Kaiser Aluminum is currently undergoing reorganization under Chapter 11.
The acquisition, which includes 150,000 sq ft of manufacturing space, will enhance A.P.P.'s capabilities and capacity for hand forgings and mechanical products and markets. A.P.P. plans to expand into new markets in addition to improving market share in existing markets.
"We have long admired the Oxnard facility for its variety of equipment and its efficient plant layout," said Philip Keeler, A.P.P. founder and president. "In addition, many of the employees are very knowledgeable in the operating and marketing of their products. We look forward to a long relationship with the personnel, and with the City of Oxnard. It is our objective to grow the business in such a manner as to achieve profitability and acceptable rates of return on our investment."
All of the plant's equipment as well as many of the key personnel will be retained. The acquisition is expected to be completed on Dec. 16, 2002.
Manufacturing activities will be suspended for a 3-week transition period through the holidays and will resume on January 6, 2003 under A.P.P. management and ownership. The Oxnard facility will be the company's seventh manufacturing plant. A.P.P. currently operates 660,000 sq ft of manufacturing space in facilities in Santa Ana and Garden Grove, CA; Hampton, VA, U.S.; and Cleveland, OH, U.S.
A.P.P. is one of the world's largest manufacturers of precision aluminum forgings. Its markets include medical equipment, industrial applications, and other commercial products. Through its Catalina Cylinders division, the company manufactures and markets high-pressure aluminum gas cylinders for the beverage, medical, industrial, and other industries.
Back
to Daily News
|
