RTI International Metals Inc. (RTI) jumped the most in more than five weeks after announcing it will buy manufacturing and machining company Remmele Engineering Inc. for $164.5 million in cash.
RTI rose 11 percent to $25.91 in New York, the biggest increase since Nov. 30. RTI will buy Remmele, owned by Minneapolis-based private-equity firm Goldner Hawn Johnson & Morrison Inc., and will take on $18 million of debt for the deal, which will close in the first quarter, Pittsburgh-based RTI said in a statement today.
Remmele, based in Minneapolis, provides engineering and machining services to aerospace, defense and medical-device customers, RTI said in the statement.
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