ATI Extends Long-Term Purchase Agreement With BWX Technologies

Allegheny Technologies Incorporated (NYSE: ATI) announced today that it has signed a new long-term agreement with BWX Technologies, Inc. (NYSE: BWXT) to supply materials used in the manufacture of naval nuclear reactor components. This agreement begins in 2019 with the supply of long lead-time materials and runs through mid-2026. ATI anticipates revenues totaling approximately $600 million over the multi-year period.

"We are delighted to extend our long-standing relationship with BWXT to help propel the U.S. Navy's nuclear-powered carriers and submarines. Our history of innovative naval propulsion materials spans over 50 years, including products used on the U.S. Navy's first nuclear-powered submarine," said Robert S. Wetherbee, ATI's President and Chief Executive Officer. "ATI's deep materials science expertise and unique process capabilities allow us to produce materials that play an important role in BWXT's mission for the U.S. Navy."

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ATI is a global manufacturer of technically advanced specialty materials and complex components. ATI revenue was $4.1 billion for the twelve-month period ended June 30, 2019. Our largest markets are aerospace & defense, particularly jet engines. We also have a strong presence in the oil & gas, energy, medical, automotive, and other industrial markets. ATI is a market leader in manufacturing differentiated specialty alloys and forgings that require our unique manufacturing and precision machining capabilities and our innovative new product development competence. We are a leader in producing powders for use in next-generation jet engine forgings and 3D-printed aerospace products. See more at our website ATImetals.com.