Amcast Sells Speedline

Amcast Industrial Corporation has announced that it has sold Speedline, its Italian wheel subsidiary, to a European-based company. The net proceeds from the sale will be negligible. Byron O.

Pond, chairman of the board and chief executive officer, said, “Speedline’s recent operating performance has had a significant, detrimental impact on Amcast’s profitability. The transaction should return the remaining Amcast businesses to positive net earnings in its third fiscal quarter.”The company also received news that the New York Stock Exchange believes the company is below the criteria for the NYSE’s continued listing standards.

The company no longer meets the equity standard, which requires a listed company to have an average market capitalization of not less than $50 million over a 30 trading-day period and stockholders’ equity of not less than $50 million. The company has expected this action and is reviewing its available alternatives to assure a continuous public trading market for its common shares..