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Allegheny Tech Agrees To Acquire Ladish For $778 Million

DOW JONES NEWSWIRES Allegheny Technologies Inc. (ATI) has agreed to acquire fellow metal-products maker Ladish Co. (LDSH) for about $778 million in cash and stock. Allegheny, a metal processor that makes products for the aerospace and petrochemical industries, has seen revenue rise in recent quarters, but has suffered from steel-price increases of late. Ladish focuses on jet engine, aerospace and industrial components. It has seen strong bottom-line improvement lately on much stronger margins. Ladish shareholders will get $24 and 0.4556 share of Allegheny for each share they own. That values Ladish at $46.75 a share, a 59% premium to Tuesday's closing price. The stock had already doubled this year, rebounding from a slump in recent years. The stock was at the offer price as recently as three years ago. Allegheny's product portfolio "combined with Ladish's technologically advanced forging, investment casting, and machining capabilities creates a more integrated, stable, and sustainable supply chain for the aerospace, defense, and industrial markets," said Allegheny Chairman and Chief Executive L. Patrick Hassey. Allegheny expects the deal to add to earnings after the first year. It is expected to close early next year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for Allegheny (ATI)
02/11/201617:26:10Statement of Ownership (sc 13g)
02/11/201616:37:00Allegheny Technologies Issues Statement Regarding NLRB Complaint
02/11/201601:00:00ACTIA Group : Chiffre d’affaires 2015 : 381,5 M€, + 12,2...
02/10/201610:42:14Amended Statement of Ownership (sc 13g/a)
02/03/201613:33:04Amended Statement of Ownership (sc 13g/a)
02/03/201612:00:00ACTIA GROUP: Information relative au nombre total de droits de...
02/01/201617:37:08Statement of Changes in Beneficial Ownership (4)
02/01/201617:36:15Statement of Changes in Beneficial Ownership (4)
02/01/201617:35:24Statement of Changes in Beneficial Ownership (4)
02/01/201617:33:17Statement of Changes in Beneficial Ownership (4)
02/01/201617:32:47Statement of Changes in Beneficial Ownership (4)
02/01/201617:31:55Statement of Changes in Beneficial Ownership (4)
01/28/201615:47:22Statement of Ownership (sc 13g)
01/26/201607:40:37Current Report Filing (8-k)
01/26/201607:30:00Allegheny Technologies Announces Fourth Quarter and Full Year...
01/20/201616:44:25Current Report Filing (8-k)
01/19/201609:20:00Allegheny Technologies to Book $267 Million in Charges
01/19/201607:45:00ATI Announces Flat Rolled Products Impairment and Other Charges
01/12/201610:30:00Allegheny Technologies Announces Webcast of Conference Call for...

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