RTI International Metals, Inc. (NYSE: RTI), a global supplier of advanced titanium mill products and fabricated components, today announced that it has completed its acquisition of Remmele Engineering, Inc., a provider of precision machining and collaborative engineering, as well as other key technologies and services, for the aerospace and defense and medical device sectors.
RTI and Remmele announced a stock purchase agreement for RTI to acquire Remmele on January 10, 2012. The acquisition of Remmele builds upon RTI’s goal of becoming a fully integrated supplier of advanced titanium components across the entire supply chain.
Dawne S. Hickton, Vice Chair, President and CEO of RTI, said, “The Remmele acquisition provides RTI with significant growth opportunities that will allow us to expand our portfolio to meet the evolving needs of customers who are looking for an end-to-end supplier of advanced titanium products. Already the customer feedback has been tremendous, and we are delighted to be able to quickly close the acquisition so that we can execute upon our well-defined integration plan.”
While Remmele will significantly enhance RTI’s existing downstream capabilities to meet the exacting engineering needs in the energy, aerospace and defense sectors, it also delivers excellent growth potential for RTI in the medical devices market. Specifically, RTI’s current and prospective customers will benefit from Remmele’s two precision aerospace machining plants for titanium parts for next generation aircraft, as well as Remmele’s two other plants that supply medical device products for the minimally invasive surgery, spinal, and vascular markets, alongside other categories.
The acquisition is expected to be accretive to earnings for the full year 2012. It is also expected to provide meaningful revenue synergies through the expanded product offering. As part of the integration process, Remmele’s key senior leadership will remain in place and Paul J. Burton and John L. Bowden will lead the Remmele organizations, reporting directly to James L. McCarley, Executive Vice President of Operations.