Allegheny Teledyne Announces Agreement to Sell McCormick Selph Ordnance Unit
18 May 1999
Allegheny Teledyne Announces Agreement to Sell McCormick Selph Ordnance Unit
PITTSBURGH--May 18, 1999--Allegheny Teledyne Incorporated today announced that it has agreed to sell McCormick Selph Ordnance to J.F. Lehman Equity Investors I, L.P., a Delaware limited partnership.A definitive agreement has been signed which should lead to a closing prior to the end of the second quarter or early in the third quarter of 1999. The agreement is subject to various regulatory approvals and closing conditions. Terms of the transaction were not announced.
McCormick Selph, located in Hollister, CA, manufactures advanced controlled pyrotechnic components and systems for the aerospace industry and automotive safety products for use in connection with airbags and seat belt safety systems. Lincoln Partners LLC assisted Allegheny Teledyne in the transaction.
Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com.
J. F. Lehman & Company, located in New York and Virginia, is a private equity fund investing in the aerospace, engineering and manufacturing industries. The fund has an extensive record of assisting its portfolio companies in achieving exceptional long-term growth.