Allegheny Techs Ladish Acquisition Clears Regulatory Period

Jan. 4, 2011
Merger awaits shareholder approval, on track for Q1
The merger of Ladish Co. Inc. into Allegheny Technologies Inc. moved closer to completion with the end of the antitrust waiting period for the $778-million deal, which was announced in mid November. The Hart-Scott-Rodino Antitrust Improvements Act of 1976 requires corporations to file disclosures and other notifications with the Federal Trade Commission and the U.S. Dept. of Justice, and allows regulatory agencies time to request further information that may help them to assess whether the proposed transaction violates the U.S. antitrust laws. Allegheny Technologies Inc. is a multi-disciplined specialty metals group, focused on high-value metals and alloys, including titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials. Its products include flat and long rolled products, forgings, and castings. Ladish is primarily a forging operation. Its operating divisions include Ladish Forging in Cudahy, WI, and ZKM Forging in Stalowa Wola, Poland; Diecast Tooling in Racine, WI; Stowe Machining Inc. in Windsor, CT, Valley Machining in LaCrosse, WI; and Pacific Cast Technologies, a diecaster in Albany, OR. When the merger was announced, ATI's chairman and CEO L. Patrick Hassey pointed to Ladish’s expertise with technologically advanced forging, investment casting, and machining, indicating the combination of the two organization will create “a more integrated, stable, and sustainable supply chain for the aerospace, defense, and industrial markets. The transaction remains subject to approval by Ladish shareholders, and to other closing conditions, but in its announcement Ladish indicated it expects to finalize the merger during the first quarter of 2011.