Precision Castparts completes Titanium Metals deal
PORTLAND, Ore. (AP) — Precision Castparts Corp. said Tuesday that it has completed its acquisition of Titanium Metals Corp. for roughly $2.9 billion.
The deal, first announced in November, gives Precision a titanium capability that it said has always been a key missing piece from its product portfolio.
Precision, based in Portland, Ore., manufactures metal components and products. The company paid $16.50 per share for the titanium company's shares. That was a 44 percent premium to its closing price prior to the announcement.
Titanium Metals, also known as Timet, is based in Dallas with production facilities in the U.S. and Europe. It supplies nearly one-fifth of the world's titanium. The two companies have worked together for a number of years.
Precision shares fell $4.01, or 2.1 percent, to $185.44 in morning trading. The stock has risen more than 8 percent since the deal was announced.