Divestitures

12 Months Ended

Dec. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestitures

During fiscal year 2025, the Company completed the sale of its East Hartford, CT operations, an immaterial, non-core operation that was part of the Forged Products business unit, for $20.5 million. The Company recognized a gain of $0.8 million, which is reported in gain/loss on asset sales and sale of business, net, on the consolidated statement of operations. The Company received proceeds, net of transaction costs and working capital adjustments, of $19.3 million, which are reported as an investing activity on the consolidated statements of cash flows. In fiscal year 2024, this operation had external sales of approximately $37.0 million and income before tax of approximately $2.9 million.

During fiscal year 2025, the Company completed the sale of certain immaterial, non-core operations in Birmingham, UK and Dusseldorf, Germany, which were part of our European business in the HPMC Segment. A $3.7 million loss on the sale of these operations is reported in gain/loss on asset sales and sales of businesses, net, on the consolidated statement of operations. The Company received proceeds, net of transaction costs, of $5.0 million, which are reported as an investing activity on the consolidated statement of cash flows. The Company will receive additional proceeds of approximately $4.9 million during fiscal year 2026. In fiscal year 2024, these operations had external sales of approximately $39.1 million and income before tax of approximately $2.4 million.

During fiscal year 2024, the Company completed the sale of its precision rolled strip operations in New Bedford, MA, which was part of the Specialty-Rolled Products business in the AA&S segment, and Remscheid, Germany, which was part of our European business in the HPMC segment. A $52.9 million gain on sale of these operations is reported in gain on asset sales and sales of businesses, net, on the consolidated statement of operations for fiscal year 2024. The Company received proceeds, net of transaction costs, of $48.0 million and $2.5 million in fiscal years 2024 and 2025, respectively, which is reported as an investing activity on the consolidated statement of cash flows. In fiscal year 2023, these operations had external sales of approximately $100 million and income before tax of approximately $6 million.