- Allegheny Technologies (NYSE:ATI -0.7%) has completed the sale of its Cast Products business unit to Consolidated Precision Products, further sharpening its focus on materials science and advanced process technologies.
- The gross cash proceeds will be used to further ATI’s capital deployment priorities, principally focused on improving its balance sheet by reducing corporate debt levels and funding its pension obligations, as well as building its strategic cash reserves over time.
- The company's third quarter 2019 results will include a modest gain from this transaction.