Allegheny Technologies Pushes Back Closing Date for J&L Acquisition
05/03/2004 -
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Allegheny Technologies Pushes Back Closing Date for J&L Acquisition
May 3, 2004 — Allegheny Technologies Inc. announced that it expects that the closing of its acquisition of J&L Specialty Steel, LLC assets will be rescheduled to permit ratification of a new collective bargaining agreement covering United Steelworkers of America (USWA) represented employees at both Allegheny Ludlum and J&L.
ATI believes that a tentative agreement with the USWA can be reached by May 5, 2004, and that full ratification should occur on or before May 28, 2004. Accordingly, ATI anticipates being able to close the transaction on or before June 1, 2004.
The acquisition, which will be made by a wholly owned subsidiary of ATI Allegheny Ludlum, was originally targeted for closing by May 3, 2004.
