Exhibit 99.1
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Allegheny Technologies Incorporated
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Contact: |
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Corporate Headquarters
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Dan L. Greenfield | |
1000 Six PPG Place
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412-394-3004 | |
Pittsburgh, PA 15222-5479 |
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U.S.A |
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www.alleghenytechnologies.com |
Allegheny Technologies Completes Acquisition of Crucible Powder Metals
Pittsburgh, PA — October 26, 2009 — Allegheny Technologies Incorporated (NYSE: ATI) announced
that it has completed the purchase of the assets of Crucible Compaction Metals and Crucible
Research for $40.95 million. The combined resources of Crucible Compaction Metals and Crucible
Research constitute one of the world’s most technically advanced producers of nickel-based
superalloy powder metals used in the aerospace and defense, oil and gas, electrical energy, and
medical markets. ATI also announced that the business has been named ATI Powder Metals.
“Expanding our product breadth into technically advanced powder metals has been an ATI strategy for
some time. This important acquisition is an excellent entry point.” said L. Patrick Hassey,
Chairman, President and Chief Executive Officer of Allegheny Technologies. “ATI Powder Metals is a
supplier of nickel-based superalloy powder products for use in jet engines and other critical
applications. Advanced powder metal engineered products are preferred for certain near-net shape
parts that require complex alloy chemistries.
“Advanced powder metals provide a new growth opportunity for ATI. Improved fuel efficiency
standards and green initiatives are driving jet engine operating temperatures to higher levels,
which increases the need for powder metal products. In addition to aerospace and defense, we see
growth opportunities for powder metals in the oil and gas, electrical energy, and medical markets.
“The economics of the transaction are attractive. We expect the acquisition to be accretive to
earnings beginning in 2010. In addition, we see opportunities for significant growth and
synergies.
“ATI Powder Metals combined with ATI’s unsurpassed specialty metals technology and manufacturing
capabilities provides a platform to develop new nickel-based superalloy and titanium alloy products
and expand the application of these technically advanced specialty metal powders.”
ATI Powder Metals is located in the western suburbs of Pittsburgh.
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 Allegheny Technologies’ filings with
the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.
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