FORT WORTH, Texas, April 30 /PRNewswire/ -- Intermet Corporation, one of the world's leading manufacturers of cast-metal automotive components, confirmed today that it has sold its European operations to Sakthi Auto Components Limited, effective Friday April 27,2007.
"The sale of our European operations gives us a much stronger balance sheet and allows us to focus on the U.S. marketplace and to pursue strategic acquisitions or partnerships. We are already collaborating with our global customers to define our growth opportunities," said Jeff Mihalic, Intermet's President and Chief Executive Officer.
Intermet is also utilizing an Advisory Board of industry experts to guide its strategic evolution. "We have a diverse group of senior advisors who provide guidance in areas such as lean manufacturing and long-term industry trends. Their input ensures that our strategic direction is consistent with the expectations of our customers," said Mihalic.
Mihalic elaborated: "We are very proud of our progress over the past year. Real productivity has significantly improved due to our focus on continuous improvement and the commitment of our workforce. Our team understands the economic pressures facing our industry and their substantial contributions differentiate us in the marketplace."
About Intermet: Intermet Corporation is a leading manufacturer of cast- metal components for the automotive, commercial vehicle and industrial markets with approximately 2,700 employees. More information is available at www.intermet.com.