Latrobe Specialty Steel acquired
Latrobe Specialty Steel Co., a Pennsylvania-based company with operations in Marlboro, has been acquired by two private equity firms.
Hicks Holdings LLC of Dallas, TX and The Watermill Group of Lexington purchased the company for $215 million in cash plus approximately $35 million of assumed liabilities. Said Thomas Hicks, president and CEO of Hicks Holdings: "Latrobe has been a leading producer of high-quality specialty steels and alloys for nearly a century...we expect it to perform even better as a stand-alone company headed by an entrepreneurially incented management team."
The firm produces and distributes specialty steels and alloys, and includes divisions specializing in manufacturing and distribution. In 1975, Latrobe was acquired by The Timken Company, and became a wholly-owned subsidiary of The Timken Company under the name of Timken Latrobe Steel.
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