RTI International Jumps After Agreement to Buy Remmele
Stock Chart for RTI International Metals Inc (RTI)
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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