RTI International Metals, Inc. (NYSE: RTI), today announced it has acquired the Osborn Steel Extrusions business unit of Osborn Metals Limited for approximately $15 million in cash.
Located in Bradford, England, Osborn Steel Extrusions specializes in the manufacture of less than 6 inch diameter extruded titanium and stainless steel hollows and near-net shape profile parts. It provides its products principally to commercial aerospace, energy, power generation and defense market customers.
Dawne S. Hickton, Vice Chair, President and CEO of RTI, said, “The acquisition of Osborn Steel Extrusions represents the continued execution of RTI’s growth strategy on enhancing our value-added, downstream titanium and specialty materials engineered products and services capabilities. Combined with the extrusion assets of our Houston, Texas-based RTI Fabrication unit, RTI is now capable of providing a full complement of hollow and solid shaped extruded products in the small- to mid-size range. These comprise the sizes in which we expect to see a majority of opportunities for new and continuing business with our combined customer base, including the potential for additional new smaller-sized aerospace engine component opportunities. In addition, Osborn Steel Extrusions brings with it several extruded part positions on both Airbus and Boeing commercial aircraft legacy and growth programs. We welcome our most recent set of highly skilled and productive employees to our growing European footprint.”
The unit, which currently generates approximately $20 million in annual revenues, will operate under the name RTI Extrusions Europe Limited as part of RTI’s Engineered Products and Services segment.Company Description RTI International Metals, Inc., headquartered in Pittsburgh, specializes in advanced titanium, meeting the requirements of the world's most technologically sophisticated applications in commercial aerospace, defense, propulsion, energy, industrial, chemical, and medical markets. For over 60 years, RTI has been taking titanium further through advanced manufacturing, engineering, machining, and forming processes. RTI delivers titanium mill products, extruded shapes, form-ready parts, and highly engineered components through our downstream integrated supply chain. RTI has locations in the United States, Canada, Europe, and Asia. To learn more about RTI International Metals, Inc., visit our website at www.rtiintl.com. RTI Forward-Looking Statement All statements in this release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. These risks and uncertainties include, but are not limited to, global economic and political uncertainties, the concentration of our revenue within the commercial aerospace and defense industries, actual build-rates, production schedules and titanium content per aircraft for commercial and military aerospace programs, the successful completion and integration of completed and pending acquisitions, military spending generally and in particular, demand from the Joint Strike Fighter program, the competitive nature of the markets for specialty metals, the ability of RTI to obtain adequate raw materials, the successful completion of RTI’s capital expansion projects, and other risks and uncertainties described and included in RTI’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the year ended December 31, 2012, and the exhibits attached thereto. Actual results can differ materially from those forecasted or expected. The information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as may be amended from time to time. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. RTI undertakes no obligation to update or revise any forward-looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV