PITTSBURGH, Aug. 16, 2021 /PRNewswire/ — Allegheny Technologies Incorporated (NYSE: ATI) today announced the sale of its Flowform Products business in Billerica, Massachusetts to Consolidated Boring, Inc. for $55 million in cash, completed on August 13. Consolidated Boring, Inc. is backed by a group of private investors who support medium-sized manufacturing enterprises in achieving a step change in their growth trajectory.
Proceeds of the sale will be used to strengthen ATI’s balance sheet and add liquidity. The business—which had been part of the Forged Products business within ATI’s High Performance Materials & Components segment—will be known as American Flowform & Machining, LLC.
ATI continually reviews its operations for opportunities to maximize value and optimize its cost structure. «We concluded that while ATI Flowform is a strong performer with a great team serving the defense market, it operates in a segment with competitive dynamics that do not leverage ATI’s strengths and materials,» said Kim Fields, ATI Executive Vice President of High Performance Materials & Components and Advanced Alloys & Solutions. «We believe the operation in Billerica will have the opportunity to grow and thrive under Consolidated Boring’s ownership and wish them great success in their next chapter.»
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SOURCE Allegheny Technologies