Press release from Business Wire
Allegheny Technologies Announces Long-Term Agreement for ATI 718Plus® Alloy
Monday, May 24, 2010
Allegheny Technologies Announces Long-Term Agreement for ATI 718Plus® Alloy08:17 EDT Monday, May 24, 2010 PITTSBURGH (Business Wire) -- Allegheny Technologies Incorporated (NYSE: ATI) announced today that it has signed a long-term sourcing agreement with GE Aviation, an operating unit of General Electric Company (NYSE: GE), for the supply of ATI 718Plus® alloy. ATI 718Plus alloy is the newest nickel-based superalloy developed by ATI that is being manufactured into a variety of jet engine components. The agreement covers ATI 718Plus alloy products sold to GE Aviation and its suppliers by ATI Allvac, an operating unit of Allegheny Technologies. “We are pleased to announce the signing of this long-term agreement for the first major implementation of our innovative new ATI 718Plus alloy for jet engines,” said L. Patrick Hassey, Chairman, President and Chief Executive Officer of ATI. “ATI 718Plus alloy is the first nickel-based superalloy developed for a wide variety of jet engine applications, such as static and rotating parts, in about 40 years. It is a ground-breaking new alloy that improves our customers' productivity and significantly reduces the total cost of producing a part without sacrificing engine performance. ATI 718Plus alloy is approved by GE Aviation for use in legacy, next-generation, and future-generation jet engines.” 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 Allegheny Technologies' filings with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements. Building the World's Best Specialty Metals Company® Allegheny Technologies Incorporated is one of the largest and most diversified specialty metals producers in the world with revenues of $3.1 billion during 2009. ATI has approximately 8,600 full-time employees world-wide who use innovative technologies to offer global markets a wide range of specialty metals solutions. Our major markets are aerospace and defense, oil and gas/chemical process industry, electrical energy, medical, automotive, food equipment and appliance, machine and cutting tools, and construction and mining. Our products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings. The Allegheny Technologies website is www.ATImetals.com.