SAN FRANCISCO (MarketWatch) -- Shares of Allegheny Technologies Inc. (ATI) rallied on Monday after the company announced that it will sell its tungsten materials unit to Kennametal Inc. (KMT) for $605 million in cash. Allegheny's tungsten business generated revenue of $338.6 million and operating profit of $37.2 million for the year ended Dec. 31, 2012. The deal is expected to close in the fourth quarter. Allegheny stock jumped 9.6% to $31.37 and shares of Kennametal added 2% to $46.93.
-Sue Chang; 415-439-6400; AskNewswires@dowjones.com
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09-16-13 1035ETCopyright (c) 2013 Dow Jones & Company, Inc.
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