SIFCO Industries, Inc. Signs Definitive Agreement to Acquire C*Blade
SIFCO Industries, Inc. announced that It has entered into a definitive agreement to acquire the Italian-based company C*Blade from Riello Investment Partners.
Closing will occur following satisfaction of certain conditions and regulatory approvals, currently anticipated by mid- 2015. In an unrelated development, SIFCO also announced that Catherine M. Kramer, Vice President and Chief Financial Officer, will leave the Company, effective April 3, 2015, to return to the private equity industry.
C*Blade Acquisition The C*Blade acquisition will deliver important strategic benefits to SIFCO’s target markets of aerospace and energy, including broader reach into the steam turbine market and an opportunity to sell C*Blade’s products in the U.S. market.
C*Blade has been in business for more than 50 years and specializes in the manufacture of steam turbine blades and gas compressor blades for the energy market. C*Blade is a best-in-class manufacturer of critical turbine components with strong machining capabilities and a long track record of serving both OEM and aftermarket customers.
Located in Maniago, Italy, C*Blade has approximately 150 employees and annual revenues of approximately US $30 million. The acquisition is expected to be accretive to earnings.
“C*Blade enjoys a strong reputation for its design expertise and high quality products,” said Michael S. Lipscomb, Chairman and Chief Executive Officer. “We are delighted to have reached an agreement with the C*Blade team and plan to leverage their strong capabilities and competitive advantages to become an integral part of SIFCO’s growth strategy.”
Chief Financial Officer Ms. Kramer has served in her current role since January 1, 2013. She joined the Company in 2012 as director of financial planning and analysis after spending four years at Greenstar Capital LLC, where she served as managing director and vice president of strategic planning.