Pittsburgh-based Allegheny Technologies Incorporated (ATI) completed its acquisition of Cudahy-based Ladish Co. Inc. yesterday. The shareholders of Ladish approved an acquisition plan by ATI at a special meeting last week.
Under the terms of the merger, each outstanding share of Ladish common stock has been converted into the right to receive $24.00 in cash and 0.4556 of a share of ATI common stock, with cash to be paid in lieu of fractional shares.
"We are pleased to have completed our acquisition of Ladish and welcome the highly experienced group of Ladish employees to ATI," said Richard J. Harshman, Chairman, President and Chief Executive Officer of ATI. "ATI Ladish is now an operating company of our High Performance Metals segment, which also includes ATI Allvac and ATI Wah Chang.
"ATI Ladish adds to our capability to produce highly engineered and technically complex parts. We offer customers, particularly in the aerospace market, an integrated, stable, and sustainable supply chain, which now includes advanced forging, casting, and machining assets for titanium alloys, nickel-based superalloys and specialty alloys."
