ATI Completes Sale of Titanium Investment Castings Business
July 22 2019 - 8:45AM
Business Wire
Sale Provides Significant Cash to Help Fund
Balance Sheet Improvement Initiatives
Allegheny Technologies Incorporated (NYSE: ATI) today announced
it has completed the sale of its Cast Products business unit to
Consolidated Precision Products Corp. (CPP) of Cleveland, OH.
“We are pleased to finalize the sale of our Cast Products
business to CPP and we wish the employees success moving forward,”
said Robert S. Wetherbee, President and Chief Executive
Officer.
This transaction further sharpens ATI’s strategic focus on
materials science and advanced process technologies, which offer
the company the best combination of growth, profitability and
corporate synergies. A post-casting machining facility in Salem, OR
remains with ATI to provide services to CPP and others.
“We believe this business will be a strong addition to CPP’s
Aerospace & Defense-related portfolio,” said James Stewart,
Chief Executive Officer of CPP.
The gross cash proceeds will be used to further ATI’s capital
deployment priorities, principally focused on improving its balance
sheet by reducing corporate debt levels and funding its pension
obligations, as well as building its strategic cash reserves over
time. ATI’s third quarter 2019 results will include a modest gain
from this transaction.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. ATI revenue was $4.1 billion for
the twelve-month period ended March 31, 2019. Our largest markets
are aerospace & defense, particularly jet engines. We also have
a strong presence in the oil & gas, electrical energy, medical,
automotive, and other industrial markets. ATI is a market leader in
manufacturing differentiated specialty alloys and forgings that
require our unique manufacturing and precision machining
capabilities and our innovative new product development competence.
We are a leader in producing powders for use in next-generation jet
engine forgings and 3D-printed aerospace products. See more at our
website ATImetals.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005340/en/
Investor Contact: Scott A. Minder 412-395-2720
scott.minder@atimetals.com www.ATImetals.com
Media Contact: Natalie Gillespie 412-394-2850
natalie.gillespie@atimetals.com
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