Precision Castparts Acquires Timet
Precision Castparts Corp. (PCC) entered into a definitive agreement to acquire Titanium Metals Corp. (Timet) for approximately $2.9 billion. According to PCC, Timet's melting expertise and PCC's forging and conversion assets are a complementary strategic fit. In addition, Timet will provide PCC with the titanium capability that has been a key missing piece of its overall product portfolio. Timet is the largest independent titanium manufacturer in the U.S. and offers a full range of titanium products, including ingot and slab, forging billet and mill forms. The company operates seven primary melting or mill facilities in Henderson, Nev.; Toronto, Ohio; Morgantown, Pa.; Vallejo, Calif.; Witton, England; Waunarlwydd, Wales; and Ugine, France; and employs approximately 2,750 people. PCC’s tender offer is expected to be completed by the end of 2012, after which Timet's results will be reported as part of PCC's Forged Products segment.