Timken Sells Latrobe Steel
The Timken Co. has completed the sale of its Latrobe Steel subsidiary in Latrobe, Pa., to a group of investors led by the Watermill Group, Hicks Holding and Sankaty Advisors for approximately $215 million. As a result of the transaction, Latrobe Steel will become a private stand-alone company operating under the name Latrobe Specialty Steel Co. Latrobe Specialty Steel, which was founded in 1913, produces and distributes more than 300 grades of specialty steels for use in aerospace applications, high-performance cutting tools, aluminum casting dies and extrusion and thread roll dies. The company plans to continue operations in Latrobe, Pa., and will not cut any jobs.
Latrobe Specialty Steel facilities include the main plant in Latrobe, which employs about 600 people, plus smaller facilities in Franklin, Pa., and Wauseon, Ohio; distribution centers in Marlborough, Mass., Vienna, Ohio, and White House, Tenn.; and warehouses in Chicago and Detroit. Total employment is approximately 900.