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ATI Announces Sale of Industrial Forging Operations
Intensifies Focus on Key Aerospace & Defense Markets
PITTSBURGH–(BUSINESS WIRE)–Allegheny Technologies Incorporated (NYSE: ATI) today announced that it
has agreed to sell two non-core forging facilities to Wynnchurch
Capital, LLC for $37 million in cash. Wynnchurch Capital, LLC, based in
Chicago, IL, is a leading middle-market private equity investment firm
that invests in middle market companies in the United States and Canada
which possess the potential for substantial growth and operational
improvement. The transaction will close during the second quarter 2019.
These facilities, located in Portland, IN and Lebanon, KY, are part of
ATI’s High Performance Materials & Components (HPMC) segment. They use
primarily traditional forging methods to produce carbon steel forged
products for use in the oil & gas, transportation and construction &
mining industries.
“This transaction is consistent with our ongoing efforts to actively
evaluate our business portfolio to ensure we’re focused on key growth
opportunities for HPMC in the aerospace & defense end-markets,
specifically in nickel and titanium products as well as in advanced
iso-thermal and hot-die forgings,” said John Sims, Executive Vice
President, HPMC segment. “With the sale to Wynnchurch Capital, these
solidly-performing, independent operations will become part of a company
with a proven track record of investing in, growing and successfully
operating industrial manufacturing businesses.”
The sale proceeds from this transaction will be used to further ATI’s
capital deployment priorities, principally focused on reducing corporate
debt levels and funding pension obligations. With $10 million of
goodwill allocated to these operations from ATI’s Forged Products
reporting unit, ATI’s second quarter results will include an approximate
$7 million loss on this transaction. Sales from these two forging
facilities in 2018 were $86 million.
Creating Value Thru Relentless Innovation
ATI is a global manufacturer of technically advanced specialty materials
and complex components. ATI revenue was $4.1 billion for the
twelve-month period ended March 31, 2019. Our largest markets are
aerospace & defense, particularly jet engines. We also have a strong
presence in the oil & gas, electrical energy, medical, automotive, and
other industrial markets. ATI is a market leader in manufacturing
differentiated specialty alloys and forgings that require our unique
manufacturing and precision machining capabilities and our innovative
new product development competence. We are a leader in producing powders
for use in next-generation jet engine forgings and 3D-printed aerospace
products. See more at our website ATImetals.com.
Contacts
Investor Contact:
Scott A. Minder
412-395-2720
[email protected]
Media Contact:
Natalie Gillespie
412-394-2850
[email protected]
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Cannabis
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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