Precision Castparts Completes Acquisition of Timet

Precision Castparts Completes Acquisition of Timet

PORTLAND, Ore., Jan. 8, 2013 (GLOBE NEWSWIRE) -- Precision Castparts Corp.
(NYSE:PCP) (PCC) announced today that it has completed its acquisition of
Titanium Metals Corporation (NYSE:TIE) (Timet). Timet has been a subsidiary of
ELIT Acquisition Sub Corp. (Acquisition Sub), a wholly-owned subsidiary of
PCC, since December 21, 2012. Acquisition Sub, as the owner of more than 90%
of the outstanding shares of Timet common stock, completed a short-form merger
with Timet on January 7, 2013, as a result of which Timet became a
wholly-owned subsidiary of PCC. Each remaining share of Timet common stock not
tendered in PCC's previous tender offer for Timet shares (other than shares as
to which holders properly exercise appraisal rights) was converted in the
merger into the right to receive $16.50 without interest and less any
applicable withholding of taxes.As a result of the merger, Timet common stock
will cease to be traded on the New York Stock Exchange.

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 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.

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 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; 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

company logo
Press spacebar to pause and continue. Press esc to stop.