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April 17, 2014
16:17 EDTATIAllegheny Technologies to close iron castings business
Allegheny Technologies disclosed in a regulatory filing that on April 15 the company determined that it would close its iron castings business, which was held for sale as part of discontinued operations. The planned divestiture of this business through a sale process, which was announced in October 2013, was not able to be completed on commercially acceptable terms. The orderly wind-down of operations is expected to be completed by the end of June 2014. The closure of the iron castings business will result in approximately $3M of cash exit costs in 2014, including approximately $2M of charges that will be recognized in the company’s Q2 ending June 30, primarily related to severance benefits, as part of the results of discontinued operations.
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