Allegheny Technologies Incorporated (ATI) recently announced that it has completed the sale of its Cast Products business unit to Consolidated Precision Products Corp. (CPP) of Cleveland, OH.
This transaction further sharpens ATI’s strategic focus on materials science and advanced process technologies, which offer the company the best combination of growth, profitability and corporate synergies. A post-casting machining facility in Salem, OR remains with ATI to provide services to CPP and others.
The gross cash proceeds will be used to further ATI’s capital deployment priorities, principally focused on improving its balance sheet by reducing corporate debt levels and funding its pension obligations, as well as building its strategic cash reserves over time. ATI’s Q3 2019 results will include a modest gain from this transaction.
