PITTSBURGH — (BUSINESS WIRE) — July 16, 2018 — Allegheny Technologies Incorporated (NYSE: ATI) today announced that it has acquired Addaero Manufacturing (Addaero), a leader in metal alloy-based additive manufacturing for the aerospace and defense industries, located in New Britain, CT.
“This strategic acquisition brings together ATI’s deep knowledge and experience in commercial aerospace and our industry-leading powder metal manufacturing capabilities, including our new aerospace-qualified Bakers Powder Operations, and Addaero’s technical expertise to produce aerospace quality parts using various additive manufacturing technologies,” said Rich Harshman, ATI’s Chairman, President and Chief Executive Officer. “Addaero’s competencies are a natural extension of ATI’s metallic powder expertise and will expand our capabilities to provide comprehensive customer solutions ranging from the design of parts for additive manufacturing to the production of ready-to-install components. The acquisition of Addaero is another building block in our strategy to enhance ATI’s full specialty materials capabilities to provide end customers with finished products,” Harshman continued.
“We are excited to have Rich Merlino and the entire Addaero team join ATI,” said John Sims, ATI’s Executive Vice President, High Performance Materials and Components Segment. “They bring an extraordinary amount of aerospace and defense industry knowledge and real-world additive manufacturing experience. The complementary nature of our two businesses will allow for a seamless integration; creating a more capable end-to-end metallic powder component supplier to our key customers.”
“The Addaero team is excited to be a part of ATI. The combination of ATI and Addaero will increase the speed to market of new and innovative additively manufactured powder metal solutions for our aerospace and defense customers and beyond,” said Rich Merlino, President, Addaero Manufacturing.
Including this acquisition, ATI expects 2018 free cash flow generation in excess of $150 million, excluding contributions to the ATI Pension Plan.
Financial terms of the acquisition were not disclosed.
About Addaero Manufacturing
Addaero Manufacturing was established in 2013 in New Britain, CT by three experienced aerospace and additive manufacturing technology professionals with the intent to create a high precision additive manufacturing company. Addaero’s approach is to solve customer challenges with solutions that work and support their additive parts requirements. By continually exploring many different additive manufacturing methods, Addaero combines the right technology to the application. Leveraging this technology flexibility, Addaero aligns the technology and manufacturing solution that’s right for every application.
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ATI is a global manufacturer of technically advanced specialty materials and complex components. With revenue of $3.6 billion for the twelve month period ending March 31, 2018, our largest market is 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. ATI has extensive metallic powder development and manufacturing capabilities comprised of; 4 production facilities, including one currently under construction that will produce titanium powders using the EIGA process, a dedicated research and development center and the Next Gen Alloys Joint Venture with General Electric to produce meltless titanium alloy powders. ATIMetals.com
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which we are unable to predict or control, that may cause our actual results, performance or achievements to materially differ from those expressed or implied in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in our filings with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.
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Contact:
Allegheny Technologies Incorporated
Scott A. Minder, 412-395-2720