A. M. Castle & Co. Announces Signing of Lease for Bar Processing Center of Excellence
By Business Wire News
By Business Wire News
OAK BROOK, Ill.
A. M. Castle & Co. (NYSE: CAS) (“the Company” or “A. M. Castle”), a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, today announced the signing of a lease agreement for new facility space in Janesville, Wisconsin. The lease is targeted to commence in the fourth quarter of 2015 following the build out of the new facility. The Company’s bar processing resources and activities from both its Franklin Park, Illinois and Minneapolis, Minnesota facilities will be relocated to the new facility.
“We are excited to have identified a new location to centralize our upper Midwest bar processing operations in Janesville, Wisconsin,” said Steve Scheinkman, President and CEO. “This move is one of the centerpieces of the restructuring plan we announced in April of this year. We have already created a plate processing center of excellence in our Cleveland facility, and are excited to add a consolidated bar processing center of excellence in the new Janesville facility that our network can leverage in the future.”
Designed by AYA Associates of Janesville and to be built by Gilbank Construction of Clinton, Wisconsin, the new 208,000 square foot facility is located at 3800 Enterprise Drive in Janesville.
Fischer & Company, Castle’s exclusive global real estate consultant, identified the site and negotiated with the developer Badger Property Investments, LLC (“Badger”) in cooperation with their broker Coldwell Banker McGuire Mears. “We welcome A. M. Castle to Janesville,” said Tom Lasse of Badger. “A. M. Castle has operated out of the Midwest in the metals service center space for over 125 years. Companies like A. M. Castle are an important part of the local economy and we are pleased to have provided this building for them in Janesville.”
The Wisconsin Economic Development Corporation (WEDC) is partnering with A. M. Castle to bring jobs to Wisconsin. “WEDC welcomes A. M. Castle to Wisconsin and is pleased to have played a key role in attracting this global company to Rock County,” said Reed Hall, secretary and CEO of WEDC, the state’s lead economic development agency. “A. M. Castle joins a growing list of companies that are relocating to Wisconsin because of the state’s strong business climate, dedicated workforce and other competitive advantages.”
Scheinkman concluded, “A top priority throughout this time of change is to ensure that our customers experience a seamless transition as we restructure the Company to better serve and support them. The relocation of our bar processing hub will enhance our ability to provide metal products, services and processing capabilities at the highest levels of quality and customer satisfaction.”
About A. M. Castle & Co.
Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and plastic products and supply chain services, principally serving the producer durable equipment, oil and gas, commercial aircraft, heavy equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the global economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller-sized firms spread across a variety of industries. Within its metals business, it specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Through its wholly-owned subsidiary, Total Plastics, Inc., the Company also distributes a broad range of value-added industrial plastics. Together, Castle and its affiliated companies operate out of 47 service centers located throughout North America, Europe and Asia. Its common stock is traded on the New York Stock Exchange under the ticker symbol “CAS”.
Cautionary Statement on Risks Associated with Forward Looking Statements
Information provided and statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “predict,” “plan,” “should,” or similar expressions. These statements are not guarantees of performance or results, and they involve risks, uncertainties, and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements, including those risk factors identified in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future, to reflect the occurrence of unanticipated events or for any other reason.
At ALPHA IR
Chris Hodges or Monica Gupta
Traded: NYSE (CAS)