Allegheny Teledyne Announces Agreement to Sell Teledyne Specialty Equipment Material Handling Business.PITTSBURGH--(BUSINESS WIRE)--Sept. 16, 1999-- Allegheny Teledyne Incorporated (NYSE NYSE See: New York Stock Exchange :ALT (character) alt - /awlt/ 1. The alt modifier key on many keyboards, including the IBM PC. On some keyboards and operating systems, (but not the IBM PC) the alt key sets bit 7 of the character generated. See bucky bits. 2. ) today announced that it has reached agreement to sell Teledyne Specialty Equipment's Material Handling business to Terex Corporation (NYSE:TEX (tai epsion chi) A typesetting language developed by Stanford professor Donald Knuth that is noted for its ability to describe elaborate scientific formulas. Pronounced "tek" or the guttural "tekhhh" (the X is the Greek chi, not the English X), TeX is widely used for mathematical book ). Terms of the transaction were not disclosed. The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to be completed in the fourth quarter of 1999. The Material Handling business is the last remaining business to be sold as part of Allegheny Teledyne's transformation initiatives announced in January of 1999. More than $350 million of gross cash proceeds have already been realized from previously completed asset sales during 1999. PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Capital Markets, Inc. was the financial advisor to Allegheny Teledyne in the transaction. Allegheny Teledyne Incorporated is a diversified diversified (di·verˑ·s manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com. |
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