Allegheny Technologies Incorporated (ATI) announces the acquisition of Addaero Manufacturing, a leading company in metal alloy-based additive manufacturing for the aerospace and defense industries, located in New Britain. The financial terms of the acquisition were not disclosed.
“This strategic acquisition brings together ATI’s deep knowledge and experience in commercial aerospace and our industry-leading powder metal manufacturing capabilities, including our new aerospace-qualified Bakers Powder Operations, and Addaero’s technical expertise to produce aerospace quality parts using various additive manufacturing technologies,” said Rich Harshman, ATI’s Chairman, President and Chief Executive Officer.
“Addaero’s competencies are a natural extension of ATI’s metallic powder expertise and will expand our capabilities to provide comprehensive customer solutions ranging from the design of parts for additive manufacturing to the production of ready-to-install components. The acquisition of Addaero is another building block in our strategy to enhance ATI’s full specialty materials capabilities to provide end customers with finished products,” Harshman continued.
“We are excited to have Rich Merlino and the entire Addaero team join ATI,” said John Sims, ATI’s Executive Vice President, High-Performance Materials, and Components Segment. “They bring an extraordinary amount of aerospace and defense industry knowledge and real-world additive manufacturing experience. The complementary nature of our two businesses will allow for a seamless integration; creating a more capable end-to-end metallic powder component supplier to our key customers.”
“The Addaero team is excited to be a part of ATI. The combination of ATI and Addaero will increase the speed to market of new and innovative additively manufactured powder metal solutions for our aerospace and defense customers and beyond,” further commented Rich Merlino, President, Addaero Manufacturing.
Including this acquisition, ATI expects 2018 free cash flow generation in excess of $150 million, excluding contributions to the ATI Pension Plan.
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