PORTLAND, Ore., Jan. 4, 2005 (PRIMEZONE) -- M. Argueso & Co., continuing with growth initiatives following its acquisition by Precision Castparts Corp. (NYSE:PCP) in December of last year, will relocate its production facilities from Mamaroneck, New York, to Muskegon, Michigan, over the next several months.
This move will serve several purposes along the way to making Argueso, which manufactures waxes for the investment casting industry, more competitive in its served markets. Relocation to the Muskegon facility will provide Argueso with a more strategic geographic location, enabling the Company to meet the current and future requirements of its total customer base even more effectively. In addition, the new site will enable Argueso to expand, as its volume grows over the next few years. The Company will also be able to share many administrative functions with the nearby Cannon Muskegon operation, resulting in reduced overhead expenses.
"This relocation effort will provide Argueso with significantly enhanced growth opportunities," said Joe Snowden, president, Specialty Materials and Alloys Group, part of the Investment Cast Products segment of Precision Castparts Corp. (PCC). "The competitive landscape continues to change, and we are positioning ourselves to serve our customers in the most effective way possible."
Plans are already underway to begin the move of the production facilities, a process that will take several months.
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.
Information included within this press release describing the projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, automotive, and other general industrial cycles; the relative success of the Company's entry into new markets; competitive pricing; the financial viability of the Company's significant customers; the availability and cost of energy, materials, supplies, insurance, and pension benefits; equipment failures; relations with the Company's employees; the Company's ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.
Precision Castparts Corp.'s press releases are available on the Internet at the PrimeZone Media Network's website -- http://www.PrimeZone.com or PCC's home page at http://www.precast.com.