FOR IMMEDIATE RELEASE, October 2,1998
CONTACT:
Crystal L. Revak, Director
Investor Relations
(330) 544-7622
RTI ANNOUNCES ACQUISITIONS
Niles, Ohio -- RTI International Metals, Inc. (NYSE; RTI) announced today that it has completed the previously announced acquisition of New Century Metals, Inc., Solon, Ohio. The acquisition will expand RTI's manufacturing and product capabilities.
RTI also announced that it has acquired the assets of Weld-Tech Engineering L.P. of Houston, Texas, for cash. Future business will be conducted under the new entity, Weld-Tech Engineering Services L.P. ("Weld-Tech"). Weld-Tech provides engineering and fabrication services to the oil and gas industry, including weld design, fabrication and repair, as well as materials engineering and testing services. Revenues in 1998, the company's first full year of operations, will be approximately $8 million.
Patrick L. Boster and Michael E. Beard will continue in their current roles as President and Vice President of Manufacturing, respectively.
RTI plans to expand its investment in Weld-Tech with the addition of a heat treatment facility, machining center and a corrosion protection coating facility. These additions will result in improved capabilities and provide complete fabrication services to Weld-Tech's expanding customer base in titanium and other special metals, as well as various steels.
"The acquisition of Weld-Tech will provide a platform from which to serve RTI's customers in the oil & gas industry. RTI pioneered the development of this new market for titanium, and we believe that the time has come to add facilities to support our efforts. The profitable and fast growing operations at Weld-Tech will be immediately accretive to RTI shareholders and are expected to enhance future earnings growth in the most important of our new markets," commented Robert M. Hernandez, RTI's Chairman.
"The additions of NCM and Weld-Tech, along with the anticipated acquisition of Sierra Alloys Company, will provide diversification in products and markets. These diversifications will lessen the effects of aerospace downturns, both short and long term, " he added.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties including, but not limited to, risks associated with the assimilation of acquisitions into RTI, the strength of markets for titanium and other special metals and worldwide economies. These and other uncertainties and risks are described in the Company's filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from the Company.
RTI International Metals, Inc., headquartered in Niles, Ohio, through its various subsidiaries, manufactures and distributes titanium and specialty metal mill products, forgings, extruded shapes, and engineered systems for energy-related markets. The Company's products are used for aerospace, industrial and consumer applications.
Copyright © RMI Titanium 1998. All Rights Reserved.
Back to 1998 Press Releases
Send E mail with
questions or comments about this web site to webmaster@rtiintl.com
Copyright © 2000
Last modified: August 08, 2002