In the News: 2004

Bloomberg
15 September 2004

FS-Precision Tech Co LLC (“FS-Precision”), a subsidiary of Fu Sheng Industrial Co, Ltd. (“Fu Sheng”) (1520 TT), today announced it has acquired the non-golf business and certain assets of Coastcast Corporation (“Coastcast”) (OTCBB: COCA), a global supplier of precision titanium, cobalt, nickel, and steel investment castings for medical, automotive, and commercial markets. The all cash transaction included the Rancho Dominguez facilities and assets. Coastcast has retained its liabilities, accounts receivable, cash and certain other assets.

The acquisition provides Fu Sheng entry into global medical and automotive markets to complement its positions in air compressor and premium golf club head markets. FS-Precision retained substantially all of the existing production labor force and anticipates no interruption of manufacturing operations.

“The investment casting experience and financial strength of Fu Sheng give us tremendous opportunity to build our orthopedic implant and titanium turbocharger impeller sales,” said Mike Wellman, President of FS-Precision. “We’re looking forward to modernizing our facilities and processes to bring more value to our customers, and to seek additional markets for our precision castings.”

Fu Sheng, headquartered in Taiwan, was founded in 1953 as a manufacturer and distributor of air compressors. With more than 30 representative offices in China and Taiwan, it is currently the largest manufacturer and distributor of compressors in the greater China region. Fu Sheng is also the largest manufacturer of golf club heads in the world, producing club heads on an OEM basis for most premium golf brands.

Lombard was actively involved in the acquisition with the Fu Sheng team, including assisting Fu Sheng in the assessment of diversifying into the new businesses, led the negotiations, structured the transaction and managed the due diligence and closing processes.