Precision Castparts Expands Titanium Capabilities and Reach With Accretive Acquisition of Timet

Precision Castparts Expands Titanium Capabilities and Reach With Accretive
Acquisition of Timet

PORTLAND, Oregon, Nov. 9, 2012 (GLOBE NEWSWIRE) -- Precision Castparts
(NYSE:PCP) has entered into a definitive agreement to acquire Titanium Metals
Corporation (NYSE:TIE) for $16.50 per share in cash. The transaction values
Titanium Metals Corporation (Timet) at a total enterprise value of
approximately $2.9 billion, including net cash and equivalents.

"Timet will provide us with the titanium capability that has always been a key
missing piece of our overall product portfolio," said Mark Donegan, chairman
and chief executive officer of Precision Castparts Corp. (PCC)."As our 2006
acquisition of Special Metals did for us with nickel alloys, acquiring Timet
will enable us to streamline our supply chain and better manage our input
costs in our core operations.As we continue to grow in the aerostructure
market, this supply linkage will present even more of an opportunity.

"The potential for value creation is vast – we expect to generate significant
synergies by putting our two companies together and leveraging our respective
strengths," Donegan added."Timet's melting expertise and PCC's forging and
conversion assets are a complementary strategic fit.We will attack our
collective cost structure and leverage our combined conversion assets to
further enhance our respective customer presences and to penetrate new

"This transaction is truly a needle mover, a deal that offers PCC and our
customers a wide range of opportunities going forward," Donegan
concluded.We've worked with Timet for many years and are quite familiar with
their operations, so we expect integration to move ahead quickly once the
merger is completed."

The transaction has been unanimously approved by the Board of Directors of
Timet (following the unanimous recommendation of a special committee of
independent directors) and the Board of Directors of PCC.Timet's Board will
recommend that all stockholders tender their shares in the offer, and entities
affiliated with Contran Corporation have agreed, subject to the terms of a
support agreement, to tender shares representing approximately 45% of the
total outstanding shares in the offer.

PCC has secured a fully underwritten $3.0 billion bridge financing commitment
that may be used to complete this acquisition.The acquisition will
ultimately be funded through a combination of cash on hand, commercial paper,
bank debt, and proceeds from the sale of notes and bonds.The transaction is
not conditioned upon PCC obtaining financing.

The acquisition of Timet is expected to be immediately accretive to
earnings.Subject to the satisfaction or waiver of certain conditions, the
tender offer is expected to be completed by the end of calendar year 2012,
after which Timet's results will be reported as part of PCC's Forged Products

Under the terms of the merger agreement, PCC will commence a cash tender offer
by November 20, 2012 to acquire all outstanding shares of Timet for $16.50 per
share, net to the tendering holder in cash.The offer will contain certain
customary conditions, including tender of the majority of the outstanding
shares not owned by Contran Corporation and affiliated entities, and approval
by regulatory agencies.Upon satisfaction of the conditions to the tender
offer and after such time as all shares tendered in the tender offer are
accepted for payment, the merger agreement provides for the parties to effect,
subject to customary closing conditions, a merger that would result in all
shares not tendered in the tender offer being converted into the right to
receive $16.50 per share in cash.

About Precision Castparts Corp.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex
metal components and products. It serves the aerospace, power, and general
industrial markets. PCC is the market leader in manufacturing large, complex
structural investment castings, airfoil castings, forged components, and
highly engineered, critical fasteners for aerospace applications. In addition,
the Company is the leading producer of airfoil castings for the industrial gas
turbine market. PCC also manufactures extruded seamless pipe, fittings,
forgings, and clad products for power generation and oil & gas applications;
commercial and military airframe aerostructures; and metal alloys and other
materials to the casting and forging industries.

The Precision Castparts Corp. logo is available at

About Titanium Metals Corporation

Timet, the largest independent titanium manufacturer in the United States,
offers a full range of titanium products, including ingot and slab, forging
billet, and mill forms.Timet is vertically integrated, capable of making its
own titanium sponge.In 2011, more than 75 percent of Timet's sales were to
aerospace and defense end markets, with PCC representing more than 15 percent
of total sales.Timet operates seven primary melting or mill facilities in
Henderson, Nevada; Toronto, Ohio; Morgantown, Pennsylvania; Vallejo,
California; Witton, England; Waunarlwydd, Wales; and Ugine, France, and
employs approximately 2,750 people.

Notice to Investors

The tender offer for the outstanding shares of common stock of Timet has not
yet commenced, and this release is neither an offer to purchase nor a
solicitation of an offer to sell securities. If and when the tender offer is
commenced, (i) PCC will cause to be filed with the Securities and Exchange
Commission (the "SEC") a tender offer statement and (ii) Timet will file with
the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. INVESTORS
Investors may obtain a free copy of these documents (if and when they become
available) and other relevant documents filed with the SEC through the website
maintained by the SEC at In addition, such materials will be made
available to Timet's stockholders at no expense to them.

Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the
Private Securities Litigation Reform Act of 1995, based on current
expectations or beliefs, as well as a number of assumptions about future
events.The forward-looking statements in this release address a variety of
subjects including but not limited to the expected date of closing of the
tender offer and the acquisition, the potential benefits of the merger,
including the potentially accretive and synergistic benefits, and any other
statements or beliefs about PCC's plans, beliefs or expectations. The
following factors, among others, could cause actual results to differ
materially from those described in these forward-looking statements:the risk
that Timet's business will not be successfully integrated with PCC's business;
costs associated with the merger and tender offer; the unsuccessful completion
of the tender offer; matters arising in connection with the parties' efforts
to comply with and satisfy applicable regulatory approvals and closing
conditions relating to the transaction; fluctuations in the aerospace, power
generation, and general industrial cycles; the relative success of the
Company's entry into new markets; competitive pricing; the financial viability
of the Company's significant customers; the concentration of a substantial
portion of our business with a relatively small number of key customers; the
impact on the Company of customer or supplier labor disputes; the uncertainty
of litigation, the costs and expenses of litigation, the potential material
adverse effect litigation could have on PCC's business and results of
operations if an adverse determination in litigation is made, and the time and
attention required of management to attend to litigation; demand, timing, and
market acceptance of new commercial and military programs, including the
Boeing 787; the availability and cost of energy, materials, supplies, and
insurance; the cost of pension benefits and post-retirement medical benefits;
equipment failures; product liability claims; relations with the Company's
employees; the Company's ability to manage its operating costs and to
integrate other acquired businesses in an effective manner; misappropriation
of our intellectual property rights; governmental regulations and
environmental matters; risks associated with international operations and
world economies; the relative stability of certain foreign currencies; the
impact of adverse weather or natural disasters; the availability and cost of
financing; and implementation of new technologies and process improvement.Any
forward-looking statements should be considered in light of these factors.The
Company undertakes no obligation to publicly release any forward-looking
information to reflect anticipated or unanticipated events or circumstances
after the date of this document.

Precision Castparts Corp.'s press releases are available on the Internet at
Globe Newswire's website – or PCC's home page at you wish to be removed from this list, please reply

CONTACT: Dwight Weber, Director of Communications (503) 946-4855

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