Titanium Superplastic Forming Press courtesy of Aeromet International (Credit Photo @ Superplasticity)
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.
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.