FOR IMMEDIATE RELEASE DECEMBER 18, 2000
Contact:
Richard E. Leone
Manager-Investor Relations
330.544.7622
RTI ANNOUNCES EUROPEAN ACQUISITION, MILL OUTAGE
Niles,
Ohio – RTI International Metals, Inc., (NYSE: RTI) announced today that
it has purchased the remaining outstanding shares of Reamet, S.A. of Villette,
France, for $4 million in cash. RTI
had previously held a 40% interest in Reamet.
Reamet is a premier
distributor of titanium products to the French market, serving aerospace,
military, and industrial customers. Its
largest customer is Aerospatiale, French partner to the Airbus consortium, with
which it has a contract to supply titanium, principally in the form of cut
plate. Reamet’s sales in 2000
will exceed $20 million. The acquisition is expected to add approximately $.05
per share to RTI’s 2001 income on a consolidated basis.
Charles
Barbery, Reamet’s founder, will continue in his current role as President.
Reamet will become part of RTI Europe, RTI’s network of fabrication and
distribution facilities serving Europe with specialty metals and processing.
RTI Europe has locations in Great Britain, Germany, Italy, and now
France.
Timothy
G. Rupert, RTI's President and CEO, noted, "Reamet has been a well
respected supplier of titanium products in France since 1978.
In recent years they have expanded their cut-to-size, kitting, and
e-business capabilities. The addition of Reamet to our European network will further
strengthen RTI’s ability to serve our European customers, most notably, the
Airbus family of manufacturers."
The
transaction has been approved by the French Finance Ministry.
RTI also disclosed a mechanical failure at its 4-high rolling mill in Niles, Ohio. The mill has been repaired and operations have resumed. However, the one-week outage is likely to reduce flat product shipments and earnings for the fourth quarter.
This news release contains
forward-looking statements that involve risks and uncertainties. These include but are not limited to the cyclical nature of
the commercial aerospace industry, chemical processing, oil and gas industries,
uncertain defense spending, and the competitive market for specialty metals.
Other risks and uncertainties have previously been included in the
Company’s filings with the Securities and Exchange Commission, copies of which
are available from the SEC or from RTI Investor Relations.
RTI
International Metals, Inc., headquartered in Niles, Ohio, through its various
subsidiaries, manufactures and distributes titanium and specialty metal mill
products, and extruded shapes, as well as engineered systems for energy-related
markets and environmental engineering
services. The Company’s products
are used for aerospace, industrial, military, and consumer applications.