Exits Turbine Repair
SIFCO Industries, Inc. Exits its Turbine Components Services and Repair Business; Focuses on its SIFCO Forged Components Business
Cleveland - On August 28, 2013, SIFCO Industries, Inc.’s (NYSE MKT: SIF) Board of Directors approved ceasing operations of its Turbine Components Services and Repair business. This decision will result in the closure of its Minneapolis-based plant and will affect approximately 50 employees at this location. Efforts to wind down the operations will begin immediately.
The decision to exit the repair business was made primarily due to its lack of strategic fit with SIFCO’s core aerospace and energy forging business, and the Company’s desire to focus on growing its SIFCO Forged Components business. The repair business’s current profitability and its outlook for future profitability affected the timing of the exit.