Allegheny Technologies Completes Acquisition of Ladish
05/10/2011 - Allegheny Technologies has completed its acquisition of Ladish Co., Inc. in accordance with the agreement and plan of merger adopted by Ladish shareholders at a special meeting held on May 6, 2011.
Allegheny Technologies Inc. has completed its previously announced acquisition of Ladish Co., Inc. pursuant to the terms of an agreement and plan of merger adopted by Ladish shareholders at a special meeting held on May 6, 2011.
“We are pleased to have completed our acquisition of Ladish and welcome the highly experienced group of Ladish employees to ATI,” said Richard J. Harshman, Chairman, President and CEO of Allegheny Technologies. “ATI Ladish is now an operating company of our High Performance Metals segment, which also includes ATI Allvac and ATI Wah Chang.
“ATI Ladish adds to our capability to produce highly engineered and technically complex parts. We offer customers, particularly in the aerospace market, an integrated, stable, and sustainable supply chain, which now includes advanced forging, casting, and machining assets for titanium alloys, nickel-based superalloys and specialty alloys.”
“The Ladish team is excited to join ATI,” said Gary J. Vroman, President, ATI Ladish. “We believe this combination of complementary operations creates opportunities for us to contribute to ATI’s growth while continuing to be an important part of the communities in which we operate.”
Under terms of the agreement and plan of merger, each outstanding share of Ladish common stock has been converted into the right to receive $24.00 in cash and 0.4556 of a share of ATI common stock, with cash to be paid in lieu of fractional shares.
Allegheny Technologies Inc. is one of the largest and most diversified specialty metals producers in the world with revenues, including Ladish, of approximately $4.8 billion for the last twelve months. ATI has approximately 11,000 full-time employees world-wide and its products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, niobium, tungsten materials, forgings, castings, and fabrication and machining capabilities.
