Sifco Industries (NYSE AMEX:SIF)

CLEVELAND--(BUSINESS WIRE)--SIFCO Industries, Inc. (NYSE Amex: SIF) (“SIFCO”) announces the acquisition of the business and related assets of GEL industries, Inc. (DBA Quality Aluminum Forge) (“QAF”), an aerospace component supplier located in Orange, California. The QAF business is principally known as a supplier of precision forged and machined aerospace components for use on a broad range of both commercial and military aircraft models. QAF is a supplier to both the aerospace OEM and aerospace aftermarket segments. The transaction, which includes essentially all of the operating assets and liabilities of QAF, closed on October 28, 2011. This acquisition enhances SIFCO’s product offering by adding a new metal capability and increasing the company’s finish machining capability in both of its main market segments - aerospace and energy. The acquisition also continues SIFCO’s move toward a higher commercial content in its revenue base. Under SIFCO’s ownership, substantially all of the management team and employees of the acquired business will continue to serve its customer base.

SIFCO Chief Executive Officer, Michael S. Lipscomb, said: “I am very pleased to announce the acquisition of the QAF business. This is SIFCO’s second major addition within the past 12 months and has again added an immediately accretive business to the core of our strategic focus. QAF will enhance our near term financial performance and will also add aluminum forging and machining capability to SIFCO’s broad offerings in the commercial aerospace and energy markets. QAF is a leading supplier of precision aluminum forged and machined components to the commercial aerospace market, which is at the heart of SIFCO’s core business. This acquisition, along with the recent addition of a 5,000 ton forging press in our Cleveland operation, will enable SIFCO to supply a much larger size range of forged aluminum products than has been the case at QAF in the past. SIFCO is looking forward to the successful integration of QAF and welcomes our new employees, customers and suppliers to the SIFCO family.”

Cleveland, Ohio—December 14, 2010—SIFCO Industries, Inc. (NYSE Amex: SIF) (“SIFCO”) announces the acquisition of the forging business and related assets from T&W Forge, Inc. (“TWF”), located in Alliance, Ohio. The TWF forging business provides forged components on various brands and sizes of industrial gas turbine engines. The business is principally known for serving various industrial gas turbine engine manufacturers with high quality forged components manufactured in multiple alloys. The transaction, which includes essentially all of the operating assets and liabilities of TWF, closed on December 10, 2010. This acquisition substantially enhances SIFCO’s offering of forged components beyond the aerospace market. Under SIFCO’s ownership, management and employees of the acquired business will continue to serve its customer base.

SIFCO Chief Executive Officer, Michael S. Lipscomb said: “I am very pleased to announce the acquisition of TWF. This immediately accretive acquisition will not only enhance our near term financial performance but will also expand our business into the complementary power generation market. TWF is a leading supplier of under 500 lb. forged components to the power generation market. SIFCO’s acquisition of TWF is in the heart of our core business and continues the strategy of refocusing the company, which included the completion of the divestiture of our large engine component repair business in 2007. This acquisition, along with the recent addition of a 35,000 lb. forging hammer cell will enable SIFCO to supply both the aerospace and power generation markets with a much larger range of products types and sizes than has been the case at either company in the past. SIFCO is looking forward to the successful integration of TWF and welcomes our new employees, customers and suppliers to the SIFCO family”.