Universal Stainless & Alloy Products Inc. has agreed to purchase the Patriot Special Metals greenfield forging project for USD 104.5 million, expanding its production capacity and boosting its product range. The purchase will close later this month. Located in North Jackson, Ohio, the plant is substantially finished and includes a radial forge in startup phase, and a vacuum induction melting (VIM) installation that Universal plans to finish for production in early 2012. The acquisition also consists of two vacuum arc remelt (VAR) furnaces that will begin operation later this year, heat treating operations, and a selection of long-products finishing equipment. Universal’s directors have approved a USD 6 million capital expenditure to add an electro-slag remelt (ESR) furnace at the facility. This acquisition will give Universal access to new market; the addition of the largest hydraulic radial forge in the Western Hemisphere, in particular, will expand the company’s products to include large and long forged squares, rounds, bars, and custom shapes for aerospace, power generation, petrochemical, and general industrial tool steel and shafting applications. The radial forge will help improve customer service via reduced cycle and lead times, and allow the company to process larger, longer pieces with high cross-sectional integrity.