Alleghany Capital Corporation Announces Formation of Precision Cutting Technologies And Acquisition of CID Performance Tooling

NEW YORK, June 24, 2019 /PRNewswire/ -- Alleghany Capital Corporation ("Alleghany Capital"), a wholly-owned subsidiary of Alleghany Corporation, today announced the formation of Precision Cutting Technologies, Inc. ("Precision Cutting Technologies") and the acquisition by Precision Cutting Technologies of a majority interest in Coastal Industrial Distributors, LLC, dba CID Performance Tooling ("CID"). Headquartered in Saco, Maine, CID is a leading manufacturer of high-performance solid carbide end mills. Precision Cutting Technologies is Alleghany Capital's new holding company for its subsidiaries in the machine tool and consumable cutting tool sectors, which include Bourn & Koch, Inc. ("Bourn & Koch"), acquired in 2012, Diamond Technology Innovations, Inc. ("DTI"), acquired in 2016, and CID.

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