A. M. Castle & Co. Announces Signing of Lease for Bar Processing Center of Excellence
July 29 2015 - 8:26PM
Business Wire
Company Relocates Bar Processing Hub to
Janesville, Wisconsin
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.
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At ALPHA IRAnalyst Contact:Chris Hodges or Monica
Gupta(312) 445-2870Email: CAS@alpha-ir.comTraded: NYSE (CAS)