Allegheny Technologies Inc. has acquired an Oregon precision machining company.
The Pittsburgh specialty metals producer announced today that Hanard Machine Inc., of Salem, Oregon, will become part of ATI’s titanium investment casting business located in Albany, Oregon.
Terms of the deal were not disclosed.
Hanard, according to the announcement, does precision machining on parts and components made from titanium alloys, nickel-based alloys and superalloys, aluminum, specialty steel, and other ferrous and non-ferrous metals. The Oregon business works mainly in the aerospace and defense markets, as well as the oil and gas/chemical process industry.
Under the new ownership, it will operate as ATI Cast Products, Salem Operations.
Rich Harshman, ATI’s chairman, president and CEO, said the move was a strategic decision mean to expand Allegheny Technologies business in making finished specialty materials parts and components.
“We have identified significant growth opportunities for ATI’s integrated titanium investment casting business,” he said in the official announcement. “With this acquisition, we believe ATI is better positioned to achieve our goal to at least double the revenue of ATI Cast Products within the next five years.
Allegheny Technologies reported revenues of about $3.9 billion in the fiscal year ended March 31. It has about 9,500 full-time employees worldwide.
The company’s shares were up almost 3 percent by mid-afternoon, trading at $41.62 per share, up $1.20.