RTI sells Pierce-Spafford unit for $12.5M
May 01, 2013 | 05:43 PM
| Frank Haflich
LOS ANGELES RTI International Metals Inc. has sold Pierce-Spafford Metals Co. Inc. to Titanium Industries Inc. for $12.5 million in cash in a deal that underscores long-term strategies at both companies.
The sale will sharpen RTIs "strategic focus" on titanium mill products and "downstream engineered products and services," Dawne S. Hickton, vice chairwoman, president and chief executive officer of the producer, fabricator and distributor, said in an April 30 statement. Last year, in the companys biggest move downstream to date, RTI purchased machining and engineering specialist Remmele Engineering Inc., New Brighton, Minn. (amm.com, Feb. 15, 2012).....
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