RTI International Metals, Inc. : RTI Announces Agreement to Acquire Titanium Forming Division of Aeromet International PLC
10/18/2011| 09:05am US/Eastern
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RTI International Metals, Inc., (NYSE: RTI), is pleased to announce the
signing of a Stock Purchase Agreement with Aeromet International PLC,
pursuant to which RTI will acquire Aeromet's Forming Division for cash
consideration of $34.0 million. This unit, located in Welwyn Garden
City, United Kingdom, engages in hot forming, super plastic forming,
diffusion bonding and fabrication of titanium sheet and plate for the
aerospace and defense markets. The transaction is expected to close in
the fourth quarter of 2011 and be accretive to earnings in 2012.
Management will be available to answer questions concerning the Aeromet
acquisition during the third quarter conference call, scheduled for
10:00 a.m. ET on Tuesday, November 1, 2011.
Dawne S. Hickton, Vice Chairman, President, and CEO commented, "The
acquisition of Aeromet's Forming Division demonstrates the continued
commitment by RTI to provide a complete suite of advanced downstream,
value-added titanium fabrication products and engineered services to our
aerospace and defense customers. This unit, to be named 'RTI Advanced
Forming, Ltd.,' will enhance our vertical integration strategy. It is a
leading European manufacturer of advanced titanium fabrications and in
combination with our Tradco subsidiary (Washington, Missouri) positions
RTI with unsurpassed titanium forming capabilities that will enhance our
ability to provide nearer net shape titanium components to our end
market customers."
Forward Looking Statement
The statements in this release relating to matters that are not
historical facts are forward-looking statements that may involve risks
and uncertainties. These include, but are not limited to, the impact of
global events on the commercial aerospace industry, actual build-rates,
production schedules and titanium content per aircraft for commercial
and military aerospace programs, military spending generally and in
particular, demand from the Joint Strike Fighter program, the impact
from Boeing 787 production delays, global economic conditions, the
competitive nature of the markets for specialty metals, the ability of
the Company to obtain an adequate supply of raw materials, the
successful completion of the Company's capital expansion projects, and
other risks and uncertainties included in the Company's filings with the
Securities and Exchange Commission. Actual results can differ materially
from those forecasted or expected. The information contained in this
release is qualified by and should be read in conjunction with the
statements and notes filed with the Securities and Exchange Commission
on Forms 10-K and 10-Q, as may be amended from time to time.
Company Description
RTI International Metals, Inc., headquartered in Pittsburgh, specializes
in advanced titanium, meeting the requirements of the world's most
technologically sophisticated applications in commercial aerospace,
defense, propulsion, energy, industrial, chemical, and medical markets.
For 60 years, RTI has been taking titanium further through advanced
manufacturing, engineering, machining, and forming processes. The
Company delivers titanium mill products, extruded shapes, form-ready
parts, and highly engineered components through our downstream
integrated supply chain. RTI has locations in the United States, Canada,
Europe, and Asia. To learn more about RTI International Metals, Inc.,
visit our website at www.rtiintl.com.
RTI International Metals, Inc.
Richard E. Leone, Director -
Investor Relations, 330-544-7622
rleone@rtiintl.com
© Business Wire 2011
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