Jul 17, 2018 | By Thomas
Allegheny Technologies today announced it has acquired New Britain, Connecticut-based Addaero Manufacturing (Addaero), a metal alloy additive manufacturing company that works in the aerospace and defense industries.
Rich Harshman, CEO of Allegheny Technologies
Financial terms of the acquisition were not disclosed.
Addaero Manufacturing was established in 2013 in New Britain, CT by three experienced aerospace and additive manufacturing technology professionals with a vision to to create a high precision additive manufacturing company. Addaero provides components to a variety of markets including aerospace, marine, medical and industrial components.
ATI is a global manufacturer of technically advanced specialty materials and complex components. It has extensive metallic powder development and manufacturing capabilities comprised of 4 production facilities and is a leader in producing powders for use in next-generation jet engine forgings and 3D-printed aerospace products. With revenue of $3.6 billion for the twelve month period ending March 31, 2018, ATI's largest market is aerospace & defense, particularly jet engines.
“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, chairman, president and CEO at ATI, in a prepared statement. "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."
Including this acquisition, ATI expects 2018 free cash flow generation in excess of $150 million, excluding contributions to the ATI Pension Plan, the release said.
“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,” said Rich Merlino, president of Addaero Manufacturing, in a statement.
Posted in 3D Printer Company
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