PITTSBURGH (AP) -- Specialty metals company Allegheny Technologies completed its acquisition Ladish after its shareholders approved the plan last week. The agreement, worth about $883 million to Ladish shareholders, was announced in November.
Allegheny is paying $24 in cash and 0.4556 Allegheny shares for each Ladish share. Ladish Co. Inc., based near Milwaukee, becomes ATI Ladish, an operating company of Allegheny's high performance metals segment, which also includes ATI Allvac and ATI Wah Chang.
The purchase adds to Allegheny's business producing high-tech parts, especially to aerospace customers. Allegheny is now able to offer customers advanced forging, casting and machining assets for titanium alloys, nickel-based superalloys and specialty alloys, it said.
Shares of Allegheny Technologies Inc. rose 69 cents to $70.69. Ladish shares fell 7 cents to $55.76.