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NEW HARTFORD--Special Metals Corp. on October 28 became the world's largest and most diversified producer of high-performance, nickel-based alloys. On that day, as expected, the company was given the go-ahead by antitrust officials to complete its acquisition of Inco Alloys, a subsidiary of the Canadian firm Inco Limited.
The final purchase price of $365 million was raised largely through financing by Credit Lyonnais. Eighty-million dollars of the purchase price came through the sale of Special Metals shares to Titanium Metals Corp. of Denver, Colo. Special Metals and Titanium Metals also agreed in principle to form a strategic alliance for the collaborative development of new uses for the titanium produced by Titanium Metals and the high-performance alloys produced by Special Metals. The two firms are also exploring mutually beneficial marketing and...