6/14/2011 12:02:00 AM
HEADLINES
Latrobe Specialty Metals Plans IPO
Latrobe Specialty Metals plans to raise as much as $175 million, according to SEC documents. Funds raised in the IPO would be used to reduce debt.
“The IPO comes as Latrobe Specialty returns to profitability and seeks to capitalize on a $60 million investment in new equipment and a 2008 acquisition that gave it a bigger foothold in the oil and gas market. Robust demand is reflected in two price increases the company announced this year,” the Pittsburgh Post-Gazette reports.
Latrobe Specialty Metals employs 800 workers to manufacture more than 350 types of specialty metals and alloys used in jet engine fasteners, landing gears and military equipment. The company manufactures its products at its main plant in Latrobe and finishing plants in Franklin, PA, and Wauseon, OH.
In the first six months of its fiscal year, ended March 30, revenue for the company jumped 52% to $202.7 million, while profit nearly tripled to $10.4 million.
A coalition of private equity investors purchased Latrobe Specialty for $215 million in December 2006. ©2011 GlobalFastenerNews.com
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