Precision Castparts Successfully Completes Tender Offer for Shares of Timet and Announces Subsequent Offering Period

Precision Castparts Successfully Completes Tender Offer for Shares of Timet
and Announces Subsequent Offering Period

PORTLAND, Ore., Dec. 21, 2012 (GLOBE NEWSWIRE) -- Precision Castparts Corp.
(NYSE:PCP) (PCC) today announced the successful completion of the cash tender
offer (the "Offer"), through its wholly owned subsidiary, ELIT Acquisition Sub
Corp. (Purchaser), for all of the outstanding shares of common stock of
Titanium Metals Corporation (NYSE:TIE) (Timet) (the "Shares") for $16.50 per

The Offer and withdrawal rights expired at 5:00 p.m., New York City time, on
Thursday, December 20, 2012.The depositary for the Offer has indicated that,
as of the expiration of the Offer, approximately 150,520,615 Shares
(representing approximately 86.0% of the outstanding Shares) have been validly
tendered and not withdrawn from the Offer, including Shares subject to
guaranteed delivery procedures.In accordance with the terms of the Offer,
Purchaser accepted for payment all Shares that were validly tendered and not
withdrawn prior to the expiration of the Offer, and payment for such Shares
will be made promptly in accordance with the terms of the Offer.Timet is now
a subsidiary of PCC and, effective December 21, 2012, Timet's results will be
reported as part of PCC's Forged Products segment.

PCC also announced the commencement of a subsequent offering period to acquire
all remaining untendered Shares.The subsequent offering period will expire at
5:00 p.m., New York City time, on Friday, January 4, 2013, unless
extended.PCC and Purchaser reserve the right to extend the subsequent
offering period in accordance with applicable law and the terms of the
definitive merger agreement, dated November 9, 2012, by and among PCC,
Purchaser and Timet.Any such extension will be followed as promptly as
practicable by a public announcement, which will be no later than 9:00 a.m.,
New York City time, on the next business day after the subsequent offering
period was scheduled to expire.During the subsequent offering period,
Purchaser will immediately accept for payment and promptly pay for the Shares
as they are properly tendered.Stockholders who properly tender Shares during
such period will receive the same $16.50 per Share price, without interest and
subject to applicable withholding taxes, that was paid in the
Offer.Procedures for tendering Shares during the subsequent offering period
are the same as during the initial offering period with two exceptions: (1)
Shares cannot be delivered by the guaranteed delivery procedure and (2)
pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as
amended, Shares tendered during the subsequent offer period may not be

Following completion of the subsequent offering period, PCC and Purchaser
intend to increase PCC's ownership percentage of Timet to 100% by means of a
merger under Delaware law.As a result of the purchase of Shares in the Offer,
PCC has sufficient voting power to approve the merger without the affirmative
vote of any other Timet stockholder.In the merger, each Share not previously
purchased in the Offer will be converted, subject to appraisal rights, into
the right to receive the same $16.50 per Share price, without interest and
subject to applicable withholding taxes, that was paid in the Offer.Timet
stockholders who do not tender their Shares in the Offer will not receive
payment for their Shares until completion of the merger.

About Precision Castparts Corp.

Precision Castparts 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 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
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
subsequent offering period 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 If you wish to be removed from this list, please reply

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

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