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News

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Precision Castparts Corp closed a deal to Timet

Corporation «Precision Castparts» («PCC») completed the acquisition of the product producer of titanium and its alloys — the company «Titanium Metals Corp» formerly owned «ELIT Acquisition Sub Corp». The last formalities were met January 7, 2013, after which «PCC» officially became the full owner of titanium asset.

«Titanium Metals Corporation» — an American company with headquarters in Dallas (TX), founded in the middle of the last century. The production capacity of corporation allows it to occupy leading positions in the list of the largest US producers of rolled titanium and alloys of this metal (including — titanium ingots, sheets, plates, strips, tubes).

The new owner of the Dallas asset — «Precision Castparts» (Portland, Oregon) — a powerful operator sector of production of metal structures and components for the needs of the automotive, aerospace and defense industries. The company — as well as its production and buying — was founded in the early 50-ies of XX century, and currently is one of the largest players in its segment with a staff of more than 20 thousand people… Earlier it was reported that the purchase of «Timet» cost owners «PCC» in the amount close to the 3rd billion US dollars (at the share price of $ 16.5. Per unit).

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