Universal Stainless & Alloy Products of Bridgeville, Pa., signed an agreement in June to purchase the assets of Patriot Special Metals of North Jackson, Ohio.
Universal Stainless & Alloy
Products of Bridgeville, Pa., signed an agreement in June to purchase the
assets of Patriot Special Metals (PSM) of North Jackson, Ohio. PSM is a
substantially completed greenfield facility that includes a state-of-the-art
radial forge in the initial startup phase and a vacuum induction melting
facility that is scheduled to be completed by Universal Stainless for initial
production in the first quarter of 2012. The plant also includes two
vacuum arc remelt furnaces, scheduled for a fourth quarter 2011 start-up, and
related equipment for heat treating and finishing long products. The
transaction included a purchase price of $104.5 million and an additional $25
million for the completion of equipment installation.
The addition of the radial forge will expand the Universal Stainless’
products to include large and long forged squares, rounds, bars and custom
shapes. The business acquired due to the capabilities of the forge will
increase the utilization of the company’s recently upgraded meltshop at its
Bridgeville plant. In other news, the company plans to install an electroslag
remelt furnace at the North Jackson facility.