Amcast halts plan to sell business
Amcast's former chairman, Leo W. Ladehoff, has returned to assist Pond in moving the company forward.
In related news, the corporation reported significant sales and earnings declines for its fiscal year 2001 second quarter. Sales for the quarter were $123 million compared to $150 million during the same period in 2000. Net income was a loss of $6.7 million compared to a profit of $0.3 million.
Current weak market demand is depressing sales for Amcast's Engineered Components segment, Pond said. In addition, slowness in construction markets and increased price competition are adversely affecting the Flow Control Products segment.