Allegheny Technologies Completes One Hurdle for J&L Specialty Acquisition
03/17/2004 -
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Allegheny Technologies Completes One Hurdle for J&L Specialty Acquisition
March 17, 2004 — Allegheny Technologies Inc. announced that integration trials have been completed to Allegheny Ludlum's satisfaction. The trials tested the combined operational capabilities of ATI Allegheny Ludlum and J&L Specialty Steel, LLC.
Satisfactory completion of these trials is one of the conditions to closing under the previously announced Asset Purchase Agreement dated February 16, 2004.
The transaction, which is targeted for closing on May 3, 2004, remains subject to additional conditions.
Allegheny Technologies Inc. is one of the largest and
most diversified specialty materials producers in the world, with revenues
of approximately $1.9 billion in 2003. The company’s high-value
products include nickel-based and cobalt-based alloys and superalloys,
titanium and titanium alloys, specialty steels, super stainless steel,
exotic alloys, which include zirconium, hafnium and niobium, tungsten
materials, and highly engineered strip and Precision Rolled Strip(R)
products. Commodity specialty materials include stainless steel sheet
and plate, silicon and tool steels, and forgings and castings.
