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PrintUniversal Stainless & Alloy Products Inc. has completed the $130-million acquisition of Patriot Special Metals Inc.’s assets.
The assets of the North Jackson, Ohio-based company include a radial forge in the commissioning phase, a vacuum induction melting facility that is currently under construction, two vacuum arc remelt furnaces scheduled for delivery in September, and related equipment for heat treating and finishing long products, which have been installed and tested, Universal Stainless said in a statement.
When Bridgeville, Pa.-based Universal Stainless announced the purchase in June, it said then that it also plans to add a $6-million electroslag remelting furnace at the greenfield site .
"This acquisition is a major, transformative step for Universal, which redefines our position in the specialty steel industry, significantly broadens our production capabilities and product range in higher-value, higher-margin products, and enables our entry into new global market niches," chairman, president and chief executive officer Dennis Oates said in a statement.
The company also closed a $40-million term loan and a $75-million revolving credit facility in connection with the closing of the acquisition.
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