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 producers outstanding shares at $16.50 per share. PCC now owns about 90.4 percent of Timets outstanding shares, including shares purchased in the initial offering period, the company said.
In early November, Dallas-based Timet, the industrys largest producer, agreed to be purchased by Precision Castparts Corp. (PCC) in a $2.9 billion deal due to be completed by the years end (amm.com, Nov. 9
). Timet then became a subsidiary of PCC, with its results included in the forged products segment of its new parent company.