Special Metals, Inc.
List of Deals
- 1961 $2,656,250 6% subordinated debentures due July 1, 1976, and 159,375 shares of common stock and acquisitions of Metals Division of Kelsey-Hayes Company
- 1965 transfer of assets to Allegheny Metals Corporation, a wholly owned subsidiary of Allegheny Ludlum Steel Corporation
Special Metals was incorporated in Delaware on March 22, 1961. On June 1, 1961, it acquired the business and properties of the metals division of Kelsey-Hayes Company for $5.5 million in cash and $1.5 million in notes. Special Metals, Inc., produced high-temperature metal alloys for jet aircraft engine parts.
In January 1965 Allegheny Ludlum Steel Corporation acquired Special Metals for 96,311 shares. The deal was valued at approximately $4 million at the current market price for the 418,955 shares of Special Metals.
Special Metals had a net loss of $300,414 on sales of $9.3 million in the year ending May 31, 1964, against a profit of $471,943 from sales of $10.5 in fiscal 1963. In the quarter ending August 31, the company earned $113,861 on sales of $2.4 million, up from $8,560 on volume of $2.3 million in the same period a year earlier.