ATI to Sell Forges in Indiana, Kentucky
Allegheny Technologies Inc. (ATI) agreed to sell two non-core forging facilities to Chicago-based Wynnchurch Capital LLC for $37 million. The transaction will close during the second quarter of 2019. The facilities, located in Portland, Ind., and Lebanon, Ky., are part of ATI’s High Performance Materials & Components (HPMC) segment. They use primarily traditional forging methods to produce carbon-steel forged products for use in the oil and gas, transportation, construction and mining industries. Their capabilities include comprehensive forging processes complemented by in-house design and engineering, product machining and heat-treating services.
“This transaction is consistent with our ongoing efforts to actively evaluate our business portfolio to ensure we’re focused on key growth opportunities for HPMC in the aerospace and defense end markets, specifically in nickel and titanium products as well as in advanced isothermal and hot-die forgings,” said John Sims, executive VP, HPMC segment.