Precision Castparts announces one day Extension of Offer for Timet

      Precision Castparts announces one day Extension of Offer for Timet

Tender Offer Receives Antitrust Clearance in the European Union and the United
States PCC Reaches Agreement with French Regulators

PR Newswire

PORTLAND, Ore., Dec. 20, 2012

PORTLAND, Ore., Dec. 20, 2012 /PRNewswire/ -- Precision Castparts Corp. (NYSE:
PCP) (PCC) announced today that it, through its wholly owned subsidiary, ELIT
Acquisition Sub Corp. (Purchaser), has extended by one day the expiration date
of its previously announced cash tender offer (the "Offer") to purchase all of
the outstanding shares of common stock of Titanium Metals Corporation (NYSE:
TIE) (Timet) for $16.50 per share. The Offer is now scheduled to expire at
5:00 p.m., New York City time, on December 20, 2012, unless further extended
in accordance with the merger agreement and the applicable rules and
regulations of the U.S. Securities and Exchange Commission (the "SEC"). The
Offer was previously scheduled to expire at 5:00 p.m., New York City time, on
Wednesday, December 19, 2012. The Depositary for the Offer has indicated
that, as of the initial expiration date of the Offer on December 19, 2012,
approximately 149,581,738 shares of common stock of Timet (representing
approximately 85.4% of the outstanding shares of common stock) have been
validly tendered in and not withdrawn from the Offer, including shares of
common stock of Timet subject to guaranteed delivery procedures.

As of the initial expiration of the Offer, PCC remained in discussions with
the Ministry of the Economy & Finance of France (the "Ministry of the
Economy") to seek the Ministry of the Economy's prior authorization for PCC's
proposed acquisition of Timet or satisfactory alternatives thereto. Earlier
this morning on December 20, 2012, PCC reached an agreement with the Ministry
of the Economy regarding PCC's proposed acquisition of Timet. Accordingly,
any conditions to the Offer requiring the Ministry of the Economy's prior
authorization will either be satisfied or waived.

On December 19, 2012, the European Commission unconditionally cleared the
Offer and the Merger pursuant to Council Regulation n°139/2004 (the "EU Merger
Regulation") following a Phase I investigation. In addition, as previously
disclosed in PCC's tender offer statement, on December 14, 2012, the waiting
period with respect to the transaction under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (or "HSR Act") expired. Accordingly, the conditions
to the offer relating to the expiration or termination of the applicable
waiting periods under the HSR Act and clearance pursuant to the EU Merger
Regulation have been satisfied.

The offer is subject to other conditions that are specified in the offer
documents.

Except for the extension of the Offer expiration date, all other terms and
conditions of the Offer remain unchanged. Stockholders who have already
tendered their shares of common stock of Timet do not have to re-tender their
shares or take any other action as a result of the extension of the expiration
date of the Offer.

The tender offer statement and related materials have been filed with the
SEC. Timet Stockholders who have questions about the Offer, or who need
assistance with tendering their shares of common stock of Timet, may call the
Information Agent, Georgeson Inc. toll-free, at (888) 661-5651.

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.

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 was filed by PCC and Purchaser with the
U.S. Securities and Exchange Commission (the SEC) on November 20, 2012 and
which has been subsequently updated and amended. In addition, Timet filed a
Solicitation/Recommendation Statement on Schedule 14D-9 (as updated and
amended, the Schedule 14D-9) with the SEC related to the tender offer.
Investors and stockholders are urged to read the tender offer statement
(including an offer to purchase, letter of transmittal and related tender
offer documents, as updated and amended) and the Schedule 14D-9 (as updated
and amended) Carefully because they 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 www.sec.gov. 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.

SOURCE Precision Castparts Corp.

Contact: Dwight Weber, Director of Communications, Precision Castparts Corp.,
+1-503-946-4855
 
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