Consolidated Precision Products purchases titanium investment casting business from ATI.
Allegheny Technologies Incorporated announced it has reached a definitive agreement to sell its cast products business to Consolidated Precision Products Corp. (Cleveland).
CPP operates 16 global facilities manufacturing products primarily for the aerospace, defense and industrial industries and is a portfolio company of Warburg Pincus, a global private equity firm. The transaction is expected to close in the early part of the third quarter 2019.
The ATI cast products business unit is part of the High Performance Materials & Components (HPMC) segment. It produces titanium investment castings that are primarily used by aerospace and defense OEMs in the production of commercial jet airframes and engines. A post-casting machining facility in Salem, Oregon, will remain with ATI and provide services to CPP and others.
"We continue to actively evaluate our business portfolio to ensure that we are focused on the businesses that offer ATI the best combination of growth, profitability, and corporate synergies," said Robert S. Wetherbee, president and CEO, Allegheny Technologies.
"ATI's HPMC segment is at its best when we couple our materials science expertise and extensive forging experience to produce critical jet engine components in our world-class production facilities," said John Sims, Executive Vice President, HPMC Segment, Allegheny Technologies. "ATI's Cast Products business is a good fit for CPP's aerospace and industrial focused business portfolio."
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|Title Annotation:||INDUSTRY NEWS|
|Date:||Jul 1, 2019|
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