Precision Castparts [PCP] yesterday said it has completed its acquisition of Titanium Metals Corp. (Timet), in a deal that provides it with much sought after titanium capability in-house.
Precision Castparts paid $16.50 per share in cash for Timet’s stock, amounting to an enterprise value of about $2.9 billion, including net cash and equivalents.
Most of Timet’s sales are to aerospace and defense markets. Precision Castparts in November announced its intention to acquire Timet, adding a titanium manufacturing capability that will streamline its supply chain and better manage input costs (Defense Daily, Nov. 13, 2012).