NEWS RELEASE
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CONTACT: Hugh Aiken
Kevin McDermed
913 367 2121
NYSE: FDY
Atchison Casting Corporation Appoints Armstrong CEO
and Welcomes new Board Members
Atchison, Kansas - May 28, 2002 - Atchison Casting Corporation (NYSE:FDY)
today announced the appointment of COO Tom Armstrong as Chairman, President and
CEO, replacing Hugh Aiken, who will remain with ACC as Vice President for
European operations and as a member of the board of directors.
"I am very pleased to make this announcement," said Mr. Aiken. "ACC is
trying to restructure its bank debt, and to return to profitable operations, and
I believe Tom can make this happen faster than I can. I will focus my efforts on
making Sheffield, our subsidiary in England, profitable, in collecting insurance
claims related to Jahn and PFG, and in completing the introduction of automotive
casting production at Autun in France," Aiken added.
"I welcome this challenge and opportunity," said Mr. Armstrong. "In this
expanded role I will continue my efforts to make ACC profitable, to reach a
satisfactory accommodation with our lenders and to improve the price of ACC's
common stock," he added.
"We are also pleased to welcome Michael Nagel and William Bullard to ACC's
Board of Directors, and to thank departing members David Belluck and Ray Witt
for their many years of service to the corporation," said Mr. Aiken. "Mr. Nagel
comes from the financial community, where he has worked for Smith Barney,
Citicorp, Pricewaterhouse and the European Bank for Reconstruction and
Development. He holds MBA degrees from Columbia and INSEAD. Mr. Bullard has
worked in both investment banking and in industry, including the manufacturing
of plastic materials and metal castings. He holds degrees in chemistry and
engineering."
ACC produces iron, steel and non-ferrous castings for a wide variety of
equipment, capital goods and consumer markets.
This press release contains forward-looking statements that involve risks
and uncertainties. Such statements include the Company's expectations as to
future performance and contingent obligations. Among the factors that could
cause actual results to differ materially from the forward looking statements
are the following: costs of closing foundries, the results of the reorganization
of the Company's wholly-owned subsidiary Fonderie d'Autun, the amount of any
claims made against Fonderie d'Autun's prior owner which are the subject of
certain guarantees, business conditions and
ATCHISON CASTING CORPORATION
400 SOUTH FOURTH STREET o P.O. BOX 188 o ATCHISON, KANSAS 66002-0188
o (913) 367-2121 o FAX (913) 367-2155
the state of the general economy in Europe and the US, particularly the capital
goods industry, the strength of the U.S. dollar, British pound sterling and the
Euro, interest rates, the Company's ability to renegotiate or refinance its
lending arrangements, utility rates, the availability of labor, the successful
conclusion of union contract negotiations, the results of any litigation arising
out of the accident at Jahn Foundry, results of any litigation or regulatory
proceedings arising from the accounting irregularities at the Pennsylvania
Foundry Group, the competitive environment in the casting industry and changes
in laws and regulations that govern the Company's business, particularly
environmental regulations.
ATCHISON CASTING CORPORATION
400 SOUTH FOURTH STREET o P.O. BOX 188 o ATCHISON, KANSAS 66002-0188
o (913) 367-2121 o FAX (913) 367-2155
