Message #17 From:
NewsBot Date: January 22, 2007 06:00:00 AM
ATI News Allegheny Technologies Enters Long-Term Sourcing Agreement
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 premium
titanium, nickel-based superalloy, and vacuum-melted specialty alloy
products for commercial and military jet engine applications. The
agreement covers products sold to GE Aviation’s
suppliers by ATI Allvac, an operating company of Allegheny Technologies.
The total revenue of this agreement plus ATI Allvac’s
direct sales to GE Aviation for the period 2007 through 2011 may exceed
$2 billion.
“As a key supplier, we are pleased to be
making a longer term agreement with GE Aviation during this
unprecedented aerospace cycle,” said Patrick
Hassey, Chairman, President and Chief Executive Officer of Allegheny
Technologies. “ATI has consistently invested
in technological innovation, new products, and improvement in quality
and customer support systems. Our strategic growth initiatives in
titanium products and nickel-based superalloys better enable us to
support our aerospace jet engine and airframe customers.”
“ATI Allvac is truly a GE preferred supplier,”
said Michael Chanatry, General Manager, Global Sourcing Department, GE
Aviation. “ATI Allvac is recognized for
excellence in delivery and product quality through aviation business
cycles.”
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s current
expectations and are subject to uncertainties and changes in
circumstances. Actual results may differ materially 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
$4.4 billion during the most recent four quarters ending September 30,
2006. ATI has approximately 9,300 full-time employees world-wide who use
innovative technologies to offer growing global markets a wide range of
specialty metals solutions. Our major markets are aerospace and defense,
chemical process industry/oil and gas, 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, stainless and specialty
steels, zirconium, hafnium, and niobium, tungsten materials,
grain-oriented silicon electrical steel and tool steels, and forgings
and castings. The Allegheny Technologies website is www.alleghenytechnologies.com.
