SIFCO Industries has declared that it has closed the purchase of the business and associated assets of GEL industries, an Orange, California-based supplier of aerospace components doing business as Quality Aluminum Forge, on October 28, 2011.
The Quality Aluminum Forge business offers precision machined and forged aerospace components for an extensive range of military and commercial aircrafts. The company supplies components to both the OEMs and aftermarket segments of the aerospace industry.
With this purchase, SIFCO Industries has expanded its product offering by including a new metal capability and augmented its finish machining capability for the energy and aerospace industries, its major market segments. Under the ownership of SIFCO Industries, all executives and workers of the purchased business will continue to work for its customers.
Michael S. Lipscomb, who is the Chief Executive Officer at SIFCO Industries, stated that the company is happy about the purchase of the Quality Aluminum Forge business. This is the company’s second big acquisition in the past one year and it has once again integrated a rapidly growing business to the core of its strategic focus, he said. The acquired business will improve the company’s short-term financial performance and incorporate aluminum machining and forging capability to its wide range of offerings in the commercial energy and aerospace industries, he added.
Lipscomb further said that the purchase of the Quality Aluminum Forge business and the installation of a 5,000-ton forging press at its facility in Cleveland will make the company to offer large-sized forged aluminum products.
Source: http://www.sifco.com