NEW YORK Precision
Castparts Corp. (PCC) announced late Friday that it has entered
into a definitive agreement to acquire Titanium Metals Corp.
(Timet) for $16.50 per share in a cash deal valued at about
"Timet will provide us with the
titanium capability that has always been a key missing piece of
our overall product portfolio," Mark Donegan, chairman and
chief executive officer of Portland, Ore.-based PCC said in a
statement. "Timets melting expertise and PCCs
forging and conversion assets are a complementary strategic
Donegan called the deal "truly a
needle mover, one that offers PCC and our customers a wide
range of opportunities going forward."
The boards of directors at both
companies have each unanimously approved the multi-billion
Under the terms of the deal. PCC will launch a tender offer
to acquire 100-percent of Timets outstanding common stock
by Nov. 20, the companies said.