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PCC ends additional Timet share offer

Keywords: Tags  titanium, Titanium Metals, Precision Castparts, Timet, Frank Haflich

LOS ANGELES — Precision Castparts Corp. (PCC) has completed an additional offering for shares of Titanium Metals Corp. (Timet).

Portland, Ore.-based PCC said a “subsequent offering period” for Timet shares was completed on Jan. 4, resulting in its acquisition of another 4.4 percent of the titanium producer’s outstanding shares at $16.50 per share. PCC now owns about 90.4 percent of Timet’s outstanding shares, including shares purchased in the initial offering period, the company said.

In early November, Dallas-based Timet, the industry’s largest producer, agreed to be purchased by Precision Castparts Corp. (PCC) in a $2.9 billion deal due to be completed by the year’s end (, Nov. 9). Timet then became a subsidiary of PCC, with its results included in the forged products segment of its new parent company.

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