ATI Announces New Long-Term Agreements With General Dynamics Land Systems
January 11 2018 - 7:50AM
Business Wire
Allegheny Technologies Incorporated (NYSE: ATI) today announced
that it has signed two new Long-Term Pricing Agreements (LTPAs)
with General Dynamics (GD) Land Systems to be the preferred
supplier of titanium plate for the Abrams tank (United States) and
the AJAX specialist vehicle (United Kingdom). The Abrams LTPA runs
through 2019 while the AJAX LTPA runs through 2021.
“We are pleased to enter into these agreements with GD Land
Systems, marking the beginning of a new relationship with this
strategic global customer” said Rich Harshman, ATI’s Chairman,
President and Chief Executive Officer. “ATI is forging a strong
technology connection with GD and together we are developing
specialty materials and components for improved protection and
light-weighting of next-generation military vehicles.
“We believe these LTPAs recognize our leading technologies,
broad manufacturing capabilities, and operational reliability. We
continue to see opportunities to significantly grow our
differentiated specialty materials and components business within
the worldwide Defense market,” Harshman stated.
“Revenue from these LTPAs will total approximately $75 million
combined over the contract periods. This marks a significant
increase in the Flat Rolled Products segment’s strategic Aerospace
and Defense market sales, which are an integral part of our ongoing
portfolio transformation toward more high-value products,” said Bob
Wetherbee, Executive Vice President, Flat Rolled Products
Group.
Production of the titanium products will begin at ATI’s melt
facility in Richland, WA and will be completed at ATI’s Specialty
Plate facility in Washington, PA.
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
our filings with the Securities and Exchange Commission. We assume
no duty to update our forward-looking statements.
About General Dynamics Land Systems
General Dynamics Land Systems (gdls.com) provides innovative
design, engineering, technology, production and full life cycle
support for land combat vehicles around the globe. The company’s
extensive experience, customer-first focus and seasoned supply
chain network provide unmatched capabilities to the U.S. military
and its allies.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. With revenue of $3.4 billion for
the twelve month period ending September 30, 2017, our largest
market is aerospace & defense, particularly jet engines. We
also have a strong presence in the oil & gas, electrical
energy, medical, automotive, and other industrial markets. ATI is a
market leader in manufacturing differentiated specialty alloys and
forgings that require our unique manufacturing and precision
machining capabilities and our innovative new product development
competence. We are a leader in producing powders for use in
next-generation jet engine forgings and 3D-printed aerospace
products. ATIMetals.com
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Allegheny Technologies IncorporatedScott A. Minder,
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