ATI sells Tungsten Materials Business

Allegheny Technologies Incorporated has reached an agreement to sell its tungsten materials business to Kennametal Inc. for $605 million.
ATI Tungsten Materials is part of ATI’s Engineered Products segment. ATI’s tungsten materials business produces tungsten powder, tungsten heavy alloys, tungsten carbide materials, and carbide cutting tools.
“ATI’s growth opportunities are in our High Performance Metals segment businesses, including precision forgings and titanium investment castings, and in our diversified Flat-Rolled Products segment business,” said ATI Chairman, President and Chief Executive Officer, Rich Harshman. “The sale of our tungsten materials business to Kennametal, a recognized global leader in tungsten-based wear-resistant products, provides ATI with increased financial flexibility and simplifies capital allocation and deployment. This sale strengthens our focus on ATI’s core strategic businesses and emphasizes the technical, commercial and operating synergies between our High Performance Metals and Flat-Rolled Products segment businesses.”
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