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Business/Financial

Precision Castparts Completes Acquisition Of Timet

Defense Daily Staff

Wednesday, January 9th, 2013

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Precision Castparts [PCP] yesterday said it has completed its acquisition of Titanium Metals Corp. (Timet), in a deal that provides it with much sought after titanium capability in-house. Precision Castparts paid $16.50 per share in cash for Timet’s stock, amounting to an enterprise value of about $2.9 billion, including net cash and equivalents. Most of Timet’s sales are to aerospace and defense markets. Precision Castparts in November announced its intention to acquire Timet, adding a titanium manufacturing capability that will…

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