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ATI Announces Sale of Industrial Forging Operations-The 21st China(Guangzhou) Int’l Forging Industry Exhibition
1/3/2020 锻造展- Forging Industry exhibition - Forging expo |
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Allegheny Technologies Incorporated announced that it has agreed to sell two non-core forging facilities to Wynnchurch Capital LLC for USD 37 million in cash. Wynnchurch Capital LLC, based in Chicago, is a leading middle market private equity investment firm that invests in middle market companies in the United States and Canada which possess the potential for substantial growth and operational improvement. The transaction will close during the second quarter 2019. These facilities, located in Portland, IN and Lebanon, KY, are part of ATI’s High Performance Materials & Components segment. They use primarily traditional forging methods to produce carbon steel forged products for use in the oil & gas, transportation and construction & mining industries.
The sale proceeds from this transaction will be used to further ATI’s capital deployment priorities, principally focused on reducing corporate debt levels and funding pension obligations. With USD 10 million of goodwill allocated to these operations from ATI’s Forged Products reporting unit, ATI’s second quarter results will include an approximate USD 7 million loss on this transaction. Sales from these two forging facilities in 2018 were USD 86 million.
锻造展-第二十一届广州国际锻造工业展览会
-The 21st China(Guangzhou) Int’l Forging Industry Exhibition
- Forging Industry exhibition, Forging
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