Aluminum Cos. Negotiating Sale of Subsidiary
SANTA ANA — Aluminum Cos. of America was in final negotiations on Monday to sell its Astech aerospace manufacturing division here to a private partnership for an undisclosed price.
Summit Partners in Boston, an investment group, and EGL Inc., a firm led by aerospace veteran Edward Linhart, was negotiating on Monday to purchase the manufacturer of high-temperature steel and titanium aerospace parts, said Ken Siger, manager of corporate development for Alcoa in Pittsburgh, Pa.
The division, which employs 450 people, had been up for sale since late 1989. Most of Astech’s metal products, such as steel “honeycombs,” are used in jet engines or other aerospace hardware requiring parts that can withstand high temperatures, Siger said. The company also makes temperature-resistant parts for naval applications, such as smokestacks.
“This division was in a segment that didn’t fit Alcoa’s business,” Siger said.
He said the company is focusing on its advanced-composites business, which includes materials such as fiber-reinforced plastics for the aerospace industry.
Linhart on Monday evening declined to comment on his plans for Astech. He said he expected to wrap up the deal late Monday.
Alcoa acquired the Astech subsidiary in February, 1987.
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