Crucible goes to Allegheny Technologies and JP Industries
Saturday, 26 Sep 2009
A US Bankruptcy Court judge has approved the break up of Crucible Materials Corp, selling its assets to companies in Pennsylvania and Ohio.
US Judge Ms Mary F Walrath approved the sale of Crucible’s compaction metals facility and research divisions in suburban Pittsburgh to Allegheny Technologies Inc in Pittsburgh for USD 40.9 million.
She also approved the sale of the Crucible Speciality Metals plant located in Geddes to Crucible Industries LLC, a new company, for USD 8 million.
Crucible Industries formed by Mr Jack Jankovic, head of JP Industries Inc, a private investment group based in Cleveland. Jankovic plans to operate the plant. It said “It is our intent to operate the mill, and it is our intent to do so in a manner that results in growth and prosperity over time.”
BlackEagle, an investment group lead by Le Moyne College graduate Michael Madden, lost out to JPI in its bid to buy the Geddes plant.
Crucible Materials Corp. filed for bankruptcy May 6, citing a significant drop in demand for its steels. Its Geddes plant employs 693 people, about 550 of them are union members.
