Ladish Co

Ladish Co. Pacific Division, a Los Angeles aerospace vendor, is under federal investigation for allegedly falsifying tests on metal forgings for military aircraft, industry sources and company officials said Friday. Ladish, one of the largest aerospace forging operations in Southern California, produces large steel and aluminum forgings, which are very high strength parts formed by presses. Its customers include major aircraft companies throughout Southern California. Northrop Corp.

Ladish Co. Pacific Division, a Los Angeles aerospace vendor, is under federal investigation for allegedly falsifying tests on metal forgings for military aircraft, industry sources and company officials said Friday. Ladish, one of the largest aerospace forging operations in Southern California, produces large steel and aluminum forgings, which are very high strength parts formed by presses. Its customers include major aircraft companies throughout Southern California. Northrop Corp.

The world's largest maker of glass fiber materials said it has agreed to sell its Ladish Co. unit for $236 million as part of a previously announced restructuring program. The unit, which makes forgings for aerospace and industrial applications, is being sold to an investor group led by Gibbons, Green, van Amerongen, a Los Angeles and New York investment firm specializing in leveraged buyouts. The group includes members of Ladish management.

Owens-Corning Fiberglas Corp. said Friday that it has agreed to purchase Armco Inc.'s Newport Beach-based aerospace and strategic materials group for $415 million in cash. Sales of fiberglass and building materials now account for nearly 75% of the 47-year-old company's business. The move would make the Toledo, Ohio-based fiberglass giant less vulnerable to swings in the fiberglass insulation market, which in turn is heavily dependent on the housing industry.