ATI to Expand Aerospace Iso-Thermal Forging Capacity
March 22 2018 - 11:00AM
Business Wire
Allegheny Technologies Incorporated (NYSE: ATI) today announced
that its board of directors has approved an investment to expand
its iso-thermal forging and heat treating capacities to satisfy
growing demand from the aerospace jet engine market. This
self-funded, multi-year expansion of approximately $95 million
represents ATI’s fourth iso-thermal press which, along with the
associated heat treating expansion, will be located at the
company's iso-thermal forging center of excellence in Cudahy, WI.
The investment will take approximately 3 years to complete and
fully qualify for aerospace-related production.
“We continue to invest in our advanced forging capabilities in
support of our aerospace customer’s ramp-up of next generation jet
engine production. Once completed and fully qualified, this
critical growth project will enable us to meet the increasing
production requirements for existing long-term agreements with our
engine OEM partners,” said Rich Harshman, ATI’s Chairman, President
and CEO. “Iso-thermal is the most technologically advanced forging
method available today and ATI’s ongoing leadership in this area is
further solidified by this significant investment.”
“This investment, along with our recent nickel-based superalloy
powder expansion in Monroe, NC, will enable the High Performance
Materials and Components (HPMC) segment to meet its longer-term
financial goals by increasing our capacity to produce
technologically advanced powder-to-iso-thermally-forged jet engine
components,” said John Sims, Executive Vice President, HPMC
Segment. “We are excited to add this capacity to our existing
iso-thermal forging center of excellence in Cudahy, WI and to
deepen our commitment to the State of Wisconsin and to our local
workforce.”
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.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. With revenue of $3.5 billion for
the twelve month period ending December 31, 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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version on businesswire.com: https://www.businesswire.com/news/home/20180322005074/en/
Allegheny Technologies IncorporatedScott A. Minder,
412-395-2720www.ATImetals.com
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