Allegheny Technologies Lenders Okay J&L Specialty Acquisition
04/17/2004 -
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Allegheny Technologies
Lenders
Okay J&L Specialty Acquisition
April 17, 2004 — Lenders under Allegheny Technologies Inc.’s senior secured domestic revolving credit facility have consented to the organization’s acquisition of the assets of J&L Specialty Steel, LLC.
The consent is set forth in an amendment to the credit facility, which will become effective upon the closing of the purchase of the J&L assets. The consent of the lending group 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 other conditions.
Allegheny Technologies Inc. is one of the largest and most diversified specialty materials producers in the world, with approximately 8,800 employees and revenues of approximately $1.9 billion in 2003. 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.
