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ATI Completes Sale of Titanium Investment Castings Business

Steel News - Published on Wed, 24 Jul 2019

Image Source: Wikipedia
Allegheny Technologies Incorporated announced it has completed the sale of its Cast Products business unit to Consolidated Precision Products Corp of Cleveland, OH. Robert S Wetherbee, President & CEO, said “We are pleased to finalize the sale of our Cast Products business to CPP and we wish the employees success moving forward.”

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.

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.

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Posted By : Ratan Singh on Wed, 24 Jul 2019
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