Allegheny Technologies Incorporated has acquired Hanard Machine Inc. in Salem, OR, a precision machining operation for parts in titanium alloys, nickel-based alloys and superalloys, aluminum, specialty steel, and other ferrous and nonferrous metals. The shop specializes in machining projects involving components for aerospace, defense, and oil and gas/chemical processing industry customers. The business has been renamed ATI Cast Products, Salem Operations, and will operate as part of ATI’s titanium investment casting business in Albany, OR, approximately 40 miles south of Salem.
Pittsburgh-based ATI did not indicate the value of the purchase.
“The acquisition of Hanard Machine is consistent with our strategy to create value for our customers and stockholders by expanding our capabilities to produce finished specialty materials parts and components,” stated chairman Rich Harshman, who also is president and CEO of the specialty materials and components producer.
“With this acquisition, ATI is now integrated in the production of titanium investment castings from titanium sponge to precision machined finished parts,” he added.
The purchase bears similarities to Precsion Castparts Corp.’s $625-million acquisition of an aerospace machining operation in California earlier this year. Both ATI and PCC are producers of investment castings in titanium and other lightweight alloys. The Albany, OR, investment casting foundry is one of the operations ATI acquired in its $833-million purchase of Ladish Co. Inc. in 2011.
“We have identified significant growth opportunities for ATI’s integrated titanium investment casting business,” according to Harshman. “With this acquisition (Hanard Machine), 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.
The chairman added that the new machining capabilities emphasize ATI’s position in the aerospace supply chain. “Our strategic investments, acquisitions, and new product development provide the capacity and unique capability to produce the alloys, parts, and components that enable the next-generation airframe and jet engines,” he concluded.