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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; matthew.jarzemsky@dowjones.com

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