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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

Stock News for Allegheny (ATI)
DateTimeHeadline
07/26/201607:48:57Current Report Filing (8-k)
07/26/201607:30:00ATI Announces Second Quarter 2016 Results
07/22/201616:19:05Current Report Filing (8-k)
07/20/201607:00:00Gabelli & Company’s 22nd Annual Aircraft & Connectivity Conference
07/12/201614:25:00U.S. Stainless Steel Sheet and Strip Industry Encouraged by Commerce...
07/12/201612:30:00Allegheny Technologies Announces Webcast of Conference Call for...
06/27/201611:50:00Domestic Producers Applaud Commerce Department's Preliminary...
06/21/201608:05:00Pre-market Insights on Industrial Goods Sector -- Allegheny Technologies...
06/10/201610:56:52Annual Report of Employee Stock Plans (11-k)
06/10/201610:54:05Annual Report of Employee Stock Plans (11-k)
06/10/201610:47:31Annual Report of Employee Stock Plans (11-k)
06/10/201610:44:11Annual Report of Employee Stock Plans (11-k)
06/10/201610:36:48Annual Report of Employee Stock Plans (11-k)
06/10/201610:31:52Annual Report of Employee Stock Plans (11-k)
06/02/201616:35:59Current Report Filing (8-k)
06/02/201616:20:00ATI’s CFO to Speak at the Deutsche Bank 7th Annual Global Industrials a...
06/02/201616:17:30Current Report Filing (8-k)
06/01/201616:15:00Allegheny Technologies Announces Exercise of Over-Allotment Option...
05/31/201616:21:50Specialized Disclosure Report (sd)
05/26/201614:12:07Annual Report of Employee Stock Plans (11-k)

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