Westcast posts 2011 loss, still not sold
by The Canadian Press
Canadian auto parts maker Wescast Industries Inc., which spent much of 2011 talking to potential buyers, announced a $4.6 million loss for the year.
BRANTFORD, Ont.—Canadian auto parts maker Wescast Industries Inc., which spent much of 2011 talking to potential buyers, announced a $4.6 million loss for the year ended Jan. 1.
Revenue increased to $277.3 million from $262.2 million.
The company, based in Brantford, Ont., said the last year’s loss included $1.6 million of expenses related to the strategic review which hasn’t yet resulted in a sale.
Wescast didn’t provide a further update on talks it held last year with Sichuan Bohong Industry Co.
The companies had tentatively agreed to a takeover that valued Wescast at about $180 million, but the Chinese company missed an October deadline to make a $2-million deposit payment and the deal was scuppered.
Wescast also said that it had reached an amended credit agreement with the Toronto-Dominion Bank and Export Development Canada which provides up to $25.6 million of revolving term credit.
Westcast Industries makes cast iron exhaust manifolds and has operations in Ontario, China and Europe.
