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Citation Announces Letter of Intent

1 September 1998

Citation Announces Letter of Intent

    BIRMINGHAM, Ala.--Aug. 31, 1998--Groupe Valfond, Paris, France, and Citation Corporation , as an outgrowth of their commercial cooperation agreement initiated early in 1998, have signed a letter of intent with a view to examining the potential acquisition of Valfond by Citation.
    Group Valfond is a French-based producer of cast and machined components with multiple locations in Europe. Citation is a U.S.-based casting and forging manufacturer with 19 manufacturing divisions primarily in the southern and mid-western states. Both companies have a global customer base, some of which are common to Valfond and Citation.
    These discussions are preliminary in nature and there is no assurance that they will lead to a final agreement.