Precision Castparts Commences Tender Offer for All Outstanding Shares of Timet

Precision Castparts Commences Tender Offer for All Outstanding Shares of Timet

PORTLAND, Ore., Nov. 20, 2012 (GLOBE NEWSWIRE) -- Precision Castparts Corp.
(NYSE:PCP) (PCC) today announced that its wholly owned subsidiary, ELIT
Acquisition Sub Corp. (Purchaser), has commenced the previously-announced
tender offer for all of the outstanding shares of common stock of Titanium
Metals Corporation (NYSE:TIE) (Timet) at a price of $16.50 per share, net to
the seller in cash, without interest and less any required withholding of

On November 9, 2012, PCC announced that it, Purchaser and Timet had signed a
definitive merger agreement, pursuant to which the tender offer would be made.
Pursuant to the merger agreement, after the completion of the offer and the
satisfaction or waiver of certain conditions, Purchaser will be merged with
and into Timet and all outstanding shares of Timet's common stock, other than
shares held by Timet, Parent or Purchaser or by stockholders who are entitled
to and have properly exercised their appraisal rights under Delaware law, will
be converted into the right to receive an amount in cash equal to the $16.50
offer price per share.

The offer is conditioned upon tender of the majority of the outstanding shares
not owned by Contran Corporation and its affiliated entities and officers and
directors of Timet, approval by regulatory agencies and other conditions that
are specified in the offer documents. There is no financing condition to the

The offer is scheduled to expire at 5:00 p.m., New York City time, on
Wednesday, December 19, 2012, unless the offer is extended.

PCC is filing today with the Securities and Exchange Commission (SEC) a tender
offer statement on Schedule TO, including an offer to purchase and related
letter of transmittal, setting forth in detail the terms of the tender offer.
In addition, Timet has indicated to PCC that it is filing with the SEC today a
solicitation/recommendation statement on Schedule 14D-9 setting forth in
detail, among other things, the recommendation of Timet's Board of Directors,
upon the recommendation of a special committee of independent directors, that
all stockholders tender their shares in the offer. 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. In addition, a trust sponsored by one of the Contran
Corporation affiliates has indicated its intention to tender shares
representing approximately an additional 9% of the total outstanding shares in
the offer, subject to its fiduciary duties and other relevant considerations.

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,
aerostructures and highly engineered, critical fasteners for aerospace
applications. In addition, PCC 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

This press release is neither an offer to purchase nor a solicitation of an
offer to sell securities. The tender offer is being made pursuant to a tender
offer statement (including an offer to purchase, letter of transmittal, and
related tender offer documents), which is being filed today by PCC and
Purchaser with the U.S. Securities and Exchange Commission (the SEC). In
addition, Timet is filing today a solicitation/recommendation statement on
Schedule 14D-9 with the SEC related to the tender offer.INVESTORS AND
CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of these
documents and other relevant documents filed with the SEC through the website
maintained by the SEC at In addition, a copy of the tender offer
statement will be made available free of charge to all stockholders of Timet
who direct a request to Georgeson, Inc., the Information Agent for the offer,
toll-free at (888) 661-5651.

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 PCC's entry
into new markets; competitive pricing; the financial viability of PCC's
significant customers; the concentration of a substantial portion of our
business with a relatively small number of key customers; the impact on PCC 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 PCC's employees; PCC'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. PCC 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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