In a statement, Allegheny Technologies said the facilities, which make carbon steel products for the oil and gas, transportation and construction, and mining industries, are in Portland, Ind., and Lebanon, Ky. The company said the proceeds will be used to help pay down debt and fund pension obligations.

The buyer is Wynnchurch Capital LLC, which said the facilities are well-positioned businesses adept at providing customized products to their customers.

“The business has built a track record of delivering quality and reliable forging solutions to its blue-chip customer base. Through the partnership with Wynnchurch, we believe there is potential to leverage that reputation and unlock significant growth in the business,” said Paul Ciolino, operating partner at Wynnchurch.